https://www.taxtmi.com/caselaws?id=264797 The Tribunal allowed the appeal, deeming the penalty unsustainable and deleting the penalty levied under section 271(1)(c) for the A.Y. 2007-08. The decision was based on the finding that the inadvertent mistake in claiming advance tax written off did not indicate an intention to conceal income, constituting a bona fide explanation under Explanation 1(B) to section 271(1). The Tribunal emphasized that inadvertent errors, when not noticed by the assessee or the Assessing Officer, do not amount to concealment of income or furnishing inaccurate particulars, leading to the deletion of the penalty. en-us Tue, 21 Oct 2014 00:00:00 +0530 Sat, 03 Oct 2015 09:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264797 The Tribunal allowed the appeal, deeming the penalty unsustainable and deleting the penalty levied under section 271(1)(c) for the A.Y. 2007-08. The decision was based on the finding that the inadvertent mistake in claiming advance tax written off did not indicate an intention to conceal income, constituting a bona fide explanation under Explanation 1(B) to section 271(1). The Tribunal emphasized that inadvertent errors, when not noticed by the assessee or the Assessing Officer, do not amount to concealment of income or furnishing inaccurate particulars, leading to the deletion of the penalty. Case-Laws Income Tax Tue, 21 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264797