https://www.taxtmi.com/caselaws?id=403634 The ITAT Mumbai dismissed the Revenue's appeal against the deletion of a penalty under section 271(1)(c) of the Income Tax Act 1961 for AY 2009-10. The appeal was disposed of in favor of the assessee as the ITAT upheld the decision of the CIT(A) to delete the penalty. The ITAT emphasized the necessity of concrete evidence in penalty imposition cases and highlighted the importance of following judicial precedents to ensure penalties are based on substantiated facts rather than estimates. en-us Mon, 11 Jan 2021 00:00:00 +0530 Wed, 03 Feb 2021 14:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403634 The ITAT Mumbai dismissed the Revenue's appeal against the deletion of a penalty under section 271(1)(c) of the Income Tax Act 1961 for AY 2009-10. The appeal was disposed of in favor of the assessee as the ITAT upheld the decision of the CIT(A) to delete the penalty. The ITAT emphasized the necessity of concrete evidence in penalty imposition cases and highlighted the importance of following judicial precedents to ensure penalties are based on substantiated facts rather than estimates. Case-Laws Income Tax Mon, 11 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403634