https://www.taxtmi.com/caselaws?id=264625 The Tribunal allowed the appeal, ruling that no penalty was justifiable under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2003-04. The decision was based on the appellant's genuine mistake, rectification in good faith, and the absence of intent to evade tax obligations. The judgment emphasized the importance of good faith and aligns with the principle that inadvertent errors do not imply intent to conceal income. en-us Fri, 04 Sep 2015 00:00:00 +0530 Tue, 29 Sep 2015 08:22:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264625 The Tribunal allowed the appeal, ruling that no penalty was justifiable under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2003-04. The decision was based on the appellant's genuine mistake, rectification in good faith, and the absence of intent to evade tax obligations. The judgment emphasized the importance of good faith and aligns with the principle that inadvertent errors do not imply intent to conceal income. Case-Laws Income Tax Fri, 04 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264625