https://www.taxtmi.com/caselaws?id=397315 The ITAT Mumbai ruled in favor of the assessee regarding the penalty under section 271(1)(c) for disallowance of rent payment without TDS deduction, citing genuine explanation and timely TDS payment. The penalty was deleted based on precedents and absence of inaccurate particulars. However, the penalty for undisclosed rent received was upheld at Rs. 1,49,500 as the assessee failed to prove it was a bonafide mistake. The judgment emphasized the significance of genuine explanations and legal precedents in penalty imposition for income tax cases. en-us Tue, 04 Feb 2020 00:00:00 +0530 Fri, 14 Aug 2020 09:52:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397315 The ITAT Mumbai ruled in favor of the assessee regarding the penalty under section 271(1)(c) for disallowance of rent payment without TDS deduction, citing genuine explanation and timely TDS payment. The penalty was deleted based on precedents and absence of inaccurate particulars. However, the penalty for undisclosed rent received was upheld at Rs. 1,49,500 as the assessee failed to prove it was a bonafide mistake. The judgment emphasized the significance of genuine explanations and legal precedents in penalty imposition for income tax cases. Case-Laws Income Tax Tue, 04 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397315