https://www.taxtmi.com/caselaws?id=62380 The tribunal canceled the penalty imposed on a public limited company under section 271(1)(c) of the Income Tax Act for non-disclosure of interest income received from the Income-tax Department. The tribunal found that the company's failure to declare the interest income was due to negligence and lack of alertness, not intentional concealment. Considering the company's significant losses and lack of contumacious conduct, the tribunal concluded that the penalty should not be imposed for bona fide errors, ultimately ruling in favor of the company and canceling the penalty. en-us Fri, 22 Mar 1996 00:00:00 +0530 Wed, 19 Jan 2011 16:03:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62380 The tribunal canceled the penalty imposed on a public limited company under section 271(1)(c) of the Income Tax Act for non-disclosure of interest income received from the Income-tax Department. The tribunal found that the company's failure to declare the interest income was due to negligence and lack of alertness, not intentional concealment. Considering the company's significant losses and lack of contumacious conduct, the tribunal concluded that the penalty should not be imposed for bona fide errors, ultimately ruling in favor of the company and canceling the penalty. Case-Laws Income Tax Fri, 22 Mar 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62380