https://www.taxtmi.com/caselaws?id=270665 The Tribunal ruled in favor of the assessee, setting aside the penalty imposed under Section 271(1)(c) of the Income Tax Act. It held that the clerical error in applying a concessional tax rate did not amount to furnishing inaccurate particulars of income. The Tribunal emphasized that despite the mistake in tax computation, the assessee had disclosed all relevant details in good faith, leading to the conclusion that there was no concealment of income. The appeal was allowed, and the penalty was deleted. en-us Thu, 19 Nov 2015 00:00:00 +0530 Tue, 12 Jan 2016 00:51:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270665 The Tribunal ruled in favor of the assessee, setting aside the penalty imposed under Section 271(1)(c) of the Income Tax Act. It held that the clerical error in applying a concessional tax rate did not amount to furnishing inaccurate particulars of income. The Tribunal emphasized that despite the mistake in tax computation, the assessee had disclosed all relevant details in good faith, leading to the conclusion that there was no concealment of income. The appeal was allowed, and the penalty was deleted. Case-Laws Income Tax Thu, 19 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270665