2011 (7) TMI 1199 - HC - Income Tax

Summary

The High Court of Bombay upheld the Income Tax Appellate Tribunal's decision to delete the penalty under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the penalty was not justified as the expenditure claimed by the assessee was related to legal/professional charges and not a case of concealing income. The appeal was dismissed with no costs.