https://www.taxtmi.com/caselaws?id=286070 The Appellate Tribunal ITAT Mumbai found that the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 for professional fee paid to Shri S.K. Gupta was unjustified. The Tribunal determined that the Assessing Officer did not properly consider the evidence provided by the assessee and solely relied on investigation reports without conducting a thorough examination. As a result, the disallowance of the professional fee was deemed unwarranted, leading the Tribunal to direct the assessing officer to delete the addition. Additionally, since the basis for the penalty was eliminated, the Tribunal dismissed the Revenue's appeal and upheld the decision to delete the penalty. en-us Tue, 16 Aug 2016 00:00:00 +0530 Tue, 11 Feb 2020 14:43:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286070 The Appellate Tribunal ITAT Mumbai found that the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 for professional fee paid to Shri S.K. Gupta was unjustified. The Tribunal determined that the Assessing Officer did not properly consider the evidence provided by the assessee and solely relied on investigation reports without conducting a thorough examination. As a result, the disallowance of the professional fee was deemed unwarranted, leading the Tribunal to direct the assessing officer to delete the addition. Additionally, since the basis for the penalty was eliminated, the Tribunal dismissed the Revenue's appeal and upheld the decision to delete the penalty. Case-Laws Income Tax Tue, 16 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286070