https://www.taxtmi.com/caselaws?id=184765 The Appellate Tribunal ITAT Mumbai upheld the decision of the Ld. CIT (A) to reduce the penalty under section 271(1)(c) of the Income Tax Act from Rs. 4,04,63,019/- to Rs. 7.75 lakhs. The Tribunal found that the assessee's claims of bad debts and long term capital loss, though denied by the Assessing Officer, were genuine as they were related to loans and advances to subsidiary or associate concerns. The Tribunal ruled that there was no inaccurate particulars or concealment of income, leading to the dismissal of the revenue's appeal. en-us Fri, 20 Apr 2012 00:00:00 +0530 Tue, 19 Jul 2016 16:39:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184765 The Appellate Tribunal ITAT Mumbai upheld the decision of the Ld. CIT (A) to reduce the penalty under section 271(1)(c) of the Income Tax Act from Rs. 4,04,63,019/- to Rs. 7.75 lakhs. The Tribunal found that the assessee's claims of bad debts and long term capital loss, though denied by the Assessing Officer, were genuine as they were related to loans and advances to subsidiary or associate concerns. The Tribunal ruled that there was no inaccurate particulars or concealment of income, leading to the dismissal of the revenue's appeal. Case-Laws Income Tax Fri, 20 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184765