No Penalty on Routine Disallowances in 153C Cases Without Incriminating Material: Mumbai ITAT

ITO Vs Micro Plantae Limited (ITAT Mumbai) No Penalty on Routine Disallowances in U/s 153C Proceedings Without Incriminating Material-Mumbai ITAT Deletes Penalty u/s 271(1)(c) The Mumbai ITAT upheld deletion of penalty levied u/s 271(1)(c), holding that routine disallowances made in a 153C assessment without any incriminating material found during search cannot automatically lead to penalty for concealment or furnishing inaccurate particulars. The Tribunal observed that the additions relating to society charges and depreciation were merely based on examination of books and earlier assessment r...