https://www.taxtmi.com/caselaws?id=248001 The Tribunal quashed the penalty order under section 271(1)(c), setting aside the CIT(A)'s decision to uphold a penalty of Rs.1,02,51,384 for a public sector undertaking's inadvertent error in claiming deferred revenue expenditure. The Tribunal found the mistake was bona fide, with full disclosure and immediate correction upon identification, emphasizing that such errors do not amount to concealing income. The judgment highlighted the distinction for public sector entities and the absence of merit-based findings on concealment, ultimately ruling in favor of the assessee on 4.4.2014. en-us Fri, 04 Apr 2014 00:00:00 +0530 Thu, 29 May 2014 10:21:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248001 The Tribunal quashed the penalty order under section 271(1)(c), setting aside the CIT(A)'s decision to uphold a penalty of Rs.1,02,51,384 for a public sector undertaking's inadvertent error in claiming deferred revenue expenditure. The Tribunal found the mistake was bona fide, with full disclosure and immediate correction upon identification, emphasizing that such errors do not amount to concealing income. The judgment highlighted the distinction for public sector entities and the absence of merit-based findings on concealment, ultimately ruling in favor of the assessee on 4.4.2014. Case-Laws Income Tax Fri, 04 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248001