https://www.taxtmi.com/caselaws?id=266118 The Tribunal allowed the appeal, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act. The penalty was levied for furnishing inaccurate particulars of income, amounting to Rs. 11,50,459. The Tribunal considered the affidavit from a Chartered Accountant, stating the mistake was inadvertent, not deliberate. It found the reliance on professional advice reasonable, noting the accountant's tax consultancy expertise. As all details were disclosed accurately, the Tribunal concluded the assessee acted in good faith, overturning the penalty due to reliance on expert advice. en-us Mon, 17 Nov 2014 00:00:00 +0530 Sat, 17 Oct 2015 23:25:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266118 The Tribunal allowed the appeal, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act. The penalty was levied for furnishing inaccurate particulars of income, amounting to Rs. 11,50,459. The Tribunal considered the affidavit from a Chartered Accountant, stating the mistake was inadvertent, not deliberate. It found the reliance on professional advice reasonable, noting the accountant's tax consultancy expertise. As all details were disclosed accurately, the Tribunal concluded the assessee acted in good faith, overturning the penalty due to reliance on expert advice. Case-Laws Income Tax Mon, 17 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266118