https://www.taxtmi.com/article/detailed?id=1952 Supreme Court held that where a corporate assessee inadvertently omitted a disallowance from its income computation but had disclosed the disallowable amount in the Tax Audit Report and promptly corrected the return and paid tax and interest on detection, the omission was a bona fide error and did not constitute willful concealment or furnishing of inaccurate particulars, so penalty was not justified; this conclusion is fact-specific and does not permit careless or deliberate noncompliance. en-us Tue, 20 Nov 2012 13:44:51 +0530 Tue, 20 Nov 2012 13:44:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1952 Supreme Court held that where a corporate assessee inadvertently omitted a disallowance from its income computation but had disclosed the disallowable amount in the Tax Audit Report and promptly corrected the return and paid tax and interest on detection, the omission was a bona fide error and did not constitute willful concealment or furnishing of inaccurate particulars, so penalty was not justified; this conclusion is fact-specific and does not permit careless or deliberate noncompliance. Articles Income Tax Tue, 20 Nov 2012 13:44:51 +0530 https://www.taxtmi.com/article/detailed?id=1952