https://www.taxtmi.com/caselaws?id=264788 The Tribunal dismissed the Revenue's appeal and upheld the cancellation of the penalty under Section 271(1)(c) of the Income-tax Act. The penalty was canceled due to the inadequacy of specifying the penalty charge and the genuine nature of the mistake made by the assessee in omitting the bad debts provision in income computation. The Tribunal emphasized the distinction between concealing income particulars and furnishing inaccurate particulars, ultimately quashing the penalty based on the incorrect basis of penalty imposition. en-us Mon, 13 Oct 2014 00:00:00 +0530 Thu, 28 Feb 2019 10:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264788 The Tribunal dismissed the Revenue's appeal and upheld the cancellation of the penalty under Section 271(1)(c) of the Income-tax Act. The penalty was canceled due to the inadequacy of specifying the penalty charge and the genuine nature of the mistake made by the assessee in omitting the bad debts provision in income computation. The Tribunal emphasized the distinction between concealing income particulars and furnishing inaccurate particulars, ultimately quashing the penalty based on the incorrect basis of penalty imposition. Case-Laws Income Tax Mon, 13 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264788