https://www.taxtmi.com/caselaws?id=373888 The Appellate Tribunal ITAT MUMBAI addressed a delay in filing an appeal due to extenuating circumstances, ultimately condoning the delay. Regarding the penalty imposed under section 271(1)(c) of the Income Tax Act 1961 for disallowed expenses and depreciation, the Tribunal referred to legal precedents and ruled in favor of the assessee, deleting the penalty. The classification of rental income as business income or income from house property was pivotal, with the Tribunal emphasizing that mere disallowance of expenses does not warrant penalty imposition. The appeals were allowed, and the penalty was set aside based on established legal precedents and case-specific considerations. en-us Mon, 15 Oct 2018 00:00:00 +0530 Tue, 22 Jan 2019 08:05:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373888 The Appellate Tribunal ITAT MUMBAI addressed a delay in filing an appeal due to extenuating circumstances, ultimately condoning the delay. Regarding the penalty imposed under section 271(1)(c) of the Income Tax Act 1961 for disallowed expenses and depreciation, the Tribunal referred to legal precedents and ruled in favor of the assessee, deleting the penalty. The classification of rental income as business income or income from house property was pivotal, with the Tribunal emphasizing that mere disallowance of expenses does not warrant penalty imposition. The appeals were allowed, and the penalty was set aside based on established legal precedents and case-specific considerations. Case-Laws Income Tax Mon, 15 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373888