https://www.taxtmi.com/caselaws?id=284024 The Appellate Tribunal ITAT Mumbai ruled in favor of the assessee, directing the deletion of the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal found no concealment or furnishing of inaccurate particulars regarding the profit element on purchases or the disallowed interest expenses. The decision was based on the lack of evidence supporting the Assessing Officer's actions, leading to the allowance of the assessee's appeal against the penalty. en-us Thu, 23 Nov 2017 00:00:00 +0530 Thu, 24 Oct 2019 07:38:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284024 The Appellate Tribunal ITAT Mumbai ruled in favor of the assessee, directing the deletion of the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal found no concealment or furnishing of inaccurate particulars regarding the profit element on purchases or the disallowed interest expenses. The decision was based on the lack of evidence supporting the Assessing Officer's actions, leading to the allowance of the assessee's appeal against the penalty. Case-Laws Income Tax Thu, 23 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284024