2019 (9) TMI 1014

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....led this Appeal under Section 260A of the Income Tax Act, 1961 challenging the order dated 8 July 2016 passed by the Income Tax Appellate Tribunal, Mumbai. By the impugned order the Tribunal had dismissed the Appeal filed by the Appellant - Revenue against the order passed by the Commissioner of Income Tax (Appeals) deleting the penalty levied on the Respondent - Assessee by the Assessing Officer.....

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....ocable loan of Rs. 16.75 lacs. The Assessing Officer gave effect to the order in Appeal and determined income at Rs. 3,48,03,446/- The penalty proceedings were initiated under Section 271(1)(c) of the Act 1961. The Respondent - Assessee gave its explanation. The Assessing Officer rejected the explanation and imposed penalty of Rs. 1,50,00,000/- for furnishing inaccurate particulars of income to....

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....herefore arose whether the action of the Respondent was bonafide. It appears that the project was a subject matter of litigation before this Court. There was a dispute between the Respondent and Chandivali Residents Association and also between the Respondent and Maharashtra Housing and Area Development Authority. There were claims and counter-claims made against the Respondent and the Respondent ....