https://www.taxtmi.com/caselaws?id=215461 Penalty under section 271(1)(c) was deleted because the assessee's omission to offer the reimbursed amount was found to be an inadvertent bona fide mistake, not a deliberate attempt to conceal income or evade tax. Once queried in assessment, the amount was immediately offered for taxation for all years, and the Tribunal recorded detailed factual reasons supporting absence of fraudulent intent. The High Court treated that finding as a reasonable exercise of discretion based on appreciation of facts and upheld the deletion of penalty, resulting in dismissal of the Revenue's appeals. en-us Wed, 22 Jun 2011 00:00:00 +0530 Mon, 06 Aug 2012 17:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215461 Penalty under section 271(1)(c) was deleted because the assessee's omission to offer the reimbursed amount was found to be an inadvertent bona fide mistake, not a deliberate attempt to conceal income or evade tax. Once queried in assessment, the amount was immediately offered for taxation for all years, and the Tribunal recorded detailed factual reasons supporting absence of fraudulent intent. The High Court treated that finding as a reasonable exercise of discretion based on appreciation of facts and upheld the deletion of penalty, resulting in dismissal of the Revenue's appeals. Case-Laws Income Tax Wed, 22 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215461