https://www.taxtmi.com/caselaws?id=265796 The Tribunal allowed the appeal, holding that the penalty imposed under section 271(1)(c) for inaccurate particulars of income was unjustified. It emphasized that the assessee promptly rectified the inadvertent error in the claim of carried forward losses, showing no malafide intent. Citing a Supreme Court decision, the Tribunal ruled that penalties should not apply in cases of promptly rectified inadvertent errors. The decision stressed the importance of timely correction of mistakes to avoid penal consequences, ultimately directing the deletion of the penalty. en-us Thu, 24 Apr 2014 00:00:00 +0530 Fri, 16 Oct 2015 06:13:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265796 The Tribunal allowed the appeal, holding that the penalty imposed under section 271(1)(c) for inaccurate particulars of income was unjustified. It emphasized that the assessee promptly rectified the inadvertent error in the claim of carried forward losses, showing no malafide intent. Citing a Supreme Court decision, the Tribunal ruled that penalties should not apply in cases of promptly rectified inadvertent errors. The decision stressed the importance of timely correction of mistakes to avoid penal consequences, ultimately directing the deletion of the penalty. Case-Laws Income Tax Thu, 24 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265796