2013 (7) TMI 935 - AT - Income Tax

Summary

The Appellate Tribunal ITAT Mumbai allowed the appeal filed by the assessee against the penalty of Rs. 8,40,000 imposed under section 271(1)(c) for the assessment year 2005-06. The Tribunal had restored the matter to the AO for fresh consideration in a quantum appeal, leading to the penalty being set aside. The AO may initiate penalty proceedings again after making a fresh assessment.