Penalty imposable under main provisions of section 271(1)(c) and there is no need to refer to any Explanations

CASE LAWS DETAILS DECIDED BY: ITAT, MUMBAI BENCHES `F’ : MUMBAI, IN THE CASE OF: Harish P. Mashruwale HUF Vs. ACIT, APPEAL NO: ITA No. 4996/Mum/2007, DECIDED ON March 30, 2010 RELEVANT PARAGRAPH 6. The assessee has challenged the levy of penalty on three grounds. Firstly, the assessee has argued that the penalty proceedings have been initiated for concealing the particulars of income but the penalty has been imposed for furnishing inaccurate particulars of income and, therefore, penalty is legally invalid. Reliance has placed on several judgements of Honourable High Court of Gujarat, as...