https://www.taxtmi.com/caselaws?id=394218 The Appellate Tribunal ITAT Mumbai held that the penalty under section 271(1)(c) of the Income Tax Act was unjustified and directed the Assessing Officer to delete the penalty imposed on the appellant. The Tribunal found the appellant's explanations regarding interest income and expenses to be bonafide, with no loss of revenue to the government. Consequently, the Tribunal deemed the penalty imposition unwarranted and ruled in favor of the appellant, allowing the appeal. en-us Fri, 14 Feb 2020 00:00:00 +0530 Sat, 04 Apr 2020 12:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394218 The Appellate Tribunal ITAT Mumbai held that the penalty under section 271(1)(c) of the Income Tax Act was unjustified and directed the Assessing Officer to delete the penalty imposed on the appellant. The Tribunal found the appellant's explanations regarding interest income and expenses to be bonafide, with no loss of revenue to the government. Consequently, the Tribunal deemed the penalty imposition unwarranted and ruled in favor of the appellant, allowing the appeal. Case-Laws Income Tax Fri, 14 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394218