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2010 (3) TMI 889 - ITAT MUMBAI
Extract:
.......nder section 271(1)(c) is concerned. We are, therefore, of the view that this is not a fit case for levy of penalty under section 271(1)(c) of the Act. Therefore, we hereby cancel the penalty of Rs. 37,89,520 levied by the Assessing Officer under section 271(1)(c) and confirmed by the CIT(A). 9. In the result, the appeal of the assessee is allowed.