https://www.taxtmi.com/caselaws?id=326097 The Tribunal quashed the penalty imposed under section 271(1)(c) for concealment of income and furnishing inaccurate particulars. The Tribunal held that the error in not adding back the disallowed loss on the sale of a fixed asset was inadvertent and not an attempt to conceal income. Despite the CIT(A) upholding the penalty, the Tribunal, considering the assessee's regular compliance and acceptance of the mistake during assessment, found the penalty unjustified. Consequently, the penalty was overturned, and the appeal was allowed. en-us Tue, 01 Mar 2016 00:00:00 +0530 Wed, 06 Apr 2016 08:59:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326097 The Tribunal quashed the penalty imposed under section 271(1)(c) for concealment of income and furnishing inaccurate particulars. The Tribunal held that the error in not adding back the disallowed loss on the sale of a fixed asset was inadvertent and not an attempt to conceal income. Despite the CIT(A) upholding the penalty, the Tribunal, considering the assessee's regular compliance and acceptance of the mistake during assessment, found the penalty unjustified. Consequently, the penalty was overturned, and the appeal was allowed. Case-Laws Income Tax Tue, 01 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326097