https://www.taxtmi.com/caselaws?id=782754 ITAT Mumbai allowed the assessee's appeal and deleted penalty imposed u/s 271(1)(c) on all three counts. On the expenditure for increase of authorised share capital, ITAT held the disallowance arose from a capital vs revenue characterization dispute, not from concealment or furnishing of inaccurate particulars. On foreign exchange loss, the disallowance represented only a timing difference, with part allowed through depreciation, again negating any concealment. On the addition arising from reconciliation with Form 26AS regarding interest adjusted by the power distribution company against electricity charges, ITAT held the discrepancy was minor, discovered only on reconciliation, and did not constitute concealment or furnishing inaccurate particulars. en-us Fri, 28 Nov 2025 00:00:00 +0530 Wed, 03 Dec 2025 08:57:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782754 ITAT Mumbai allowed the assessee's appeal and deleted penalty imposed u/s 271(1)(c) on all three counts. On the expenditure for increase of authorised share capital, ITAT held the disallowance arose from a capital vs revenue characterization dispute, not from concealment or furnishing of inaccurate particulars. On foreign exchange loss, the disallowance represented only a timing difference, with part allowed through depreciation, again negating any concealment. On the addition arising from reconciliation with Form 26AS regarding interest adjusted by the power distribution company against electricity charges, ITAT held the discrepancy was minor, discovered only on reconciliation, and did not constitute concealment or furnishing inaccurate particulars. Case-Laws Income Tax Fri, 28 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782754