Section 271(1)(c) Penalty Unsustainable if Quantum addition Deleted

DCIT Vs Milan Kavin Parikh (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT) Mumbai recently dealt with an appeal filed by the Revenue against the deletion of penalty under Section 271(1)(c) of the Income Tax Act, 1961, in relation to assessment year 2006-07, concerning Mr. Milan Kavin Parikh. The appellant, a director in Mahendra Brothers Exports Pvt. Ltd., was alleged to be a beneficial owner of undisclosed overseas bank accounts based on information received from the French Government. Following a search and seizure action, the Assessing Officer made an addition of Rs. 27,99,45,729/- o...