https://www.taxtmi.com/caselaws?id=288523 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, 1961, as there was no concealment of income or furnishing of inaccurate particulars of income. The tribunal also addressed the issue of double addition of interest in different assessment years, clarifying that the timing difference in offering income to taxes cannot justify a penalty for the same income in the year under consideration. en-us Wed, 04 Mar 2020 00:00:00 +0530 Fri, 27 Nov 2020 13:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288523 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, 1961, as there was no concealment of income or furnishing of inaccurate particulars of income. The tribunal also addressed the issue of double addition of interest in different assessment years, clarifying that the timing difference in offering income to taxes cannot justify a penalty for the same income in the year under consideration. Case-Laws Income Tax Wed, 04 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288523