Section 271(1)(c) Penalty Deleted, No Substantial Question of Law: Bombay HC

PCIT Vs Shashank Harshadrai Shah (Bombay High Court) Bombay High Court holds deletion of Income Tax penalty by appellate authorities does not raise substantial question of law The Bombay High Court dismissed the Revenue’s appeals against the Income Tax Appellate Tribunal’s order deleting penalties imposed under Section 271(1)(c) of the Income Tax Act, 1961. The case involved reassessment proceedings where the Assessing Officer had made minor additions on alleged bogus purchases, which the assessee accepted. However, penalty proceedings were initiated for alleged concealment of income. Bot...