2010 (10) TMI 1225 - AT - Income Tax

Summary

The Appellate Tribunal ITAT Mumbai upheld the cancellation of a penalty of Rs. 21,36,155/- imposed under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2003-04. The penalty was cancelled as the disallowance on which it was based had been deleted by the Tribunal earlier. The appeal filed by the Revenue was dismissed. (Case citation: 2010 (10) TMI 1225 - ITAT MUMBAI)