https://www.taxtmi.com/caselaws?id=431056 The ITAT Mumbai allowed the appeal by the assessee, overturning the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2014-15. The tribunal found that the penalty was not justified as the assessee provided reasonable explanations for the disallowed advances, and the Revenue failed to refute these explanations. The ITAT emphasized that penalties should be decided based on the reasonableness of the assessee's explanations, leading to the deletion of the penalty by the AO. en-us Fri, 11 Nov 2022 00:00:00 +0530 Mon, 05 Dec 2022 09:00:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431056 The ITAT Mumbai allowed the appeal by the assessee, overturning the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2014-15. The tribunal found that the penalty was not justified as the assessee provided reasonable explanations for the disallowed advances, and the Revenue failed to refute these explanations. The ITAT emphasized that penalties should be decided based on the reasonableness of the assessee's explanations, leading to the deletion of the penalty by the AO. Case-Laws Income Tax Fri, 11 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431056