https://www.taxtmi.com/caselaws?id=768675 ITAT Mumbai deleted penalty u/s. 271(1)(c) imposed on assessee for alleged concealment of income. Assessee had two PANs - old PAN with "Firm" status was surrendered in 2012, new PAN filed with "AOP" status. Assessee inadvertently claimed mutuality loss against rental/interest income in original return but corrected this in response to s. 148 notice, also including time deposit interest. AO completed assessment u/s. 143(3) r.w.s. 147 accepting returned income without additions. ITAT held assessee provided satisfactory explanations with documentary evidence under Explanation 1 to Section 271(1), establishing no concealment of income particulars occurred. en-us Fri, 28 Mar 2025 00:00:00 +0530 Fri, 11 Apr 2025 08:40:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768675 ITAT Mumbai deleted penalty u/s. 271(1)(c) imposed on assessee for alleged concealment of income. Assessee had two PANs - old PAN with "Firm" status was surrendered in 2012, new PAN filed with "AOP" status. Assessee inadvertently claimed mutuality loss against rental/interest income in original return but corrected this in response to s. 148 notice, also including time deposit interest. AO completed assessment u/s. 143(3) r.w.s. 147 accepting returned income without additions. ITAT held assessee provided satisfactory explanations with documentary evidence under Explanation 1 to Section 271(1), establishing no concealment of income particulars occurred. Case-Laws Income Tax Fri, 28 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768675