https://www.taxtmi.com/caselaws?id=217863 The Tribunal held that the mistake in claiming the deduction under section 54F was a bona fide calculation error, not an act of concealment. The explanation provided was deemed bona fide, leading to the cancellation of the penalty under section 271(1)(c) of the Income Tax Act. The appeal of the assessee was allowed, and the penalty of Rs. 2,78,660/- was overturned. The Tribunal did not address the voluntary nature of the revised return as the primary issue was decided in favor of the assessee. en-us Fri, 07 Sep 2012 00:00:00 +0530 Mon, 29 Oct 2012 09:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217863 The Tribunal held that the mistake in claiming the deduction under section 54F was a bona fide calculation error, not an act of concealment. The explanation provided was deemed bona fide, leading to the cancellation of the penalty under section 271(1)(c) of the Income Tax Act. The appeal of the assessee was allowed, and the penalty of Rs. 2,78,660/- was overturned. The Tribunal did not address the voluntary nature of the revised return as the primary issue was decided in favor of the assessee. Case-Laws Income Tax Fri, 07 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217863