Petition filed on account of penalty levied under section 271(1)(c) of the I.T. Act amounting to Rs.8,83,647/-

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Last updated: 07 June 2021
Quick Summary
The Income Tax Appellate Tribunal (ITAT) Mumbai has dismissed an appeal by the Revenue concerning a penalty of Rs. 8,83,647 levied under Section 271(1)(c) of the Income Tax Act. The penalty was based on the disallowance of purchases deemed 'bogus' by the Assessing Officer. However, the ITAT found that the disallowed amount was a minuscule portion of the total purchases and that the CIT(A) had correctly relied on Supreme Court and Bombay High Court decisions. The Tribunal concluded that a simple disallowance of a claim does not automatically warrant a penalty, especially when the claim is not 'ex facie bogus'.

Court :
ITAT Mumbai

Brief :
This is an appeal by the Revenue against the order of learned CIT(A) dated 18.4.2019 and pertains to assessment year 2011-12.

Citation :
I.T.A. No. 4869/Mum/2019

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1 Year PLAN
1999
(Excl. of GST ₹359)

2 Years PLAN
3499
(Excl. of GST ₹629)

BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)

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