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<h1>Assessee's Penalty for Omitting Interest Income Cancelled by ITAT: Appeal Allowed</h1> The penalty imposed on the assessee under section 271(1)(c) for omitting interest income was cancelled by ITAT DELHI-B due to oversight, leading to the ... - The Appellate Tribunal ITAT DELHI-B cancelled the penalty imposed under section 271(1)(c) on the assessee, Smt. Krishna Dua, for omitting interest income of Rs. 1,015 from her return. The Tribunal accepted the explanation that the omission was due to oversight, considering the circumstances of the case. The appeal was allowed. (Case Citation: 1976 (3) TMI 75 - ITAT DELHI-B)