https://www.taxtmi.com/caselaws?id=194739 The High Court of Bombay upheld the deletion of penalty under section 271(1)(c) of the Income Tax Act, 1961, based on the Tribunal's decision. The Tribunal's reasoning that the penalty was not sustainable due to the absence of incriminating material supporting the disallowance was deemed sound and free of legal errors. As the return of income was filed and finalized before the search, and the disallowance was unrelated to penalty grounds, the Court dismissed the appeal without costs. en-us Thu, 23 Apr 2015 00:00:00 +0530 Fri, 22 Sep 2017 10:56:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194739 The High Court of Bombay upheld the deletion of penalty under section 271(1)(c) of the Income Tax Act, 1961, based on the Tribunal's decision. The Tribunal's reasoning that the penalty was not sustainable due to the absence of incriminating material supporting the disallowance was deemed sound and free of legal errors. As the return of income was filed and finalized before the search, and the disallowance was unrelated to penalty grounds, the Court dismissed the appeal without costs. Case-Laws Income Tax Thu, 23 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194739