https://www.taxtmi.com/caselaws?id=235196 The Appellate Tribunal ITAT Mumbai allowed the appeal filed by the assessee against the penalty imposed under Section 271(1)(c) for disallowance of interest under Section 43B and disallowance of depreciation on BSE membership rights for the assessment year 2004-05. The Tribunal held that the disallowances were due to genuine mistakes and legal issues, not warranting a penalty for concealment of income. Consequently, the penalty on both grounds was deleted. en-us Tue, 30 Apr 2013 00:00:00 +0530 Sat, 18 May 2013 10:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235196 The Appellate Tribunal ITAT Mumbai allowed the appeal filed by the assessee against the penalty imposed under Section 271(1)(c) for disallowance of interest under Section 43B and disallowance of depreciation on BSE membership rights for the assessment year 2004-05. The Tribunal held that the disallowances were due to genuine mistakes and legal issues, not warranting a penalty for concealment of income. Consequently, the penalty on both grounds was deleted. Case-Laws Income Tax Tue, 30 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235196