https://www.taxtmi.com/caselaws?id=182756 The Tribunal upheld the CIT(A)'s decision to cancel a penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 on a cooperative society under the Government of Punjab for inadvertently not adding back certain amounts in the income statement. The mistake was deemed a bonafide error made by the society's counsel during tax return preparation, with no intention to conceal income. As the error did not benefit the society and considering its government nature, the Tribunal dismissed the Revenue's appeal, affirming the cancellation of the penalty. en-us Mon, 26 Oct 2015 00:00:00 +0530 Thu, 19 May 2016 08:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182756 The Tribunal upheld the CIT(A)'s decision to cancel a penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 on a cooperative society under the Government of Punjab for inadvertently not adding back certain amounts in the income statement. The mistake was deemed a bonafide error made by the society's counsel during tax return preparation, with no intention to conceal income. As the error did not benefit the society and considering its government nature, the Tribunal dismissed the Revenue's appeal, affirming the cancellation of the penalty. Case-Laws Income Tax Mon, 26 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182756