https://www.taxtmi.com/caselaws?id=346357 The Appellate Tribunal ITAT Mumbai overturned penalties imposed under section 271(1)(c) of the Income-tax Act, 1961, on the assessee for furnishing inaccurate particulars of income. The Tribunal found the claims to be legitimate and made in good faith, leading to the reversal of penalties. Additionally, disallowances of labour charges under section 40 were reversed, considering the legitimate nature of the claims and compliance with tax provisions. The Tribunal ruled in favor of the assessee, emphasizing the lack of malafide intent in the actions taken. en-us Wed, 05 Jul 2017 00:00:00 +0530 Wed, 09 Aug 2017 18:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346357 The Appellate Tribunal ITAT Mumbai overturned penalties imposed under section 271(1)(c) of the Income-tax Act, 1961, on the assessee for furnishing inaccurate particulars of income. The Tribunal found the claims to be legitimate and made in good faith, leading to the reversal of penalties. Additionally, disallowances of labour charges under section 40 were reversed, considering the legitimate nature of the claims and compliance with tax provisions. The Tribunal ruled in favor of the assessee, emphasizing the lack of malafide intent in the actions taken. Case-Laws Income Tax Wed, 05 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346357