https://www.taxtmi.com/caselaws?id=333956 The High Court upheld the decision of the CIT(A) and Tribunal to cancel the penalty under section 271(1)(c) of the Income Tax Act for Assessment Year 2004-05. The Court found that the mistake made by the respondent in not adding back the amount was genuine, considering the recent amendment and lack of audit observation. Emphasizing that penalties should not be imposed for bona fide mistakes, the Court dismissed the Revenue's appeal, concluding that no substantial question of law arose. en-us Sat, 15 Oct 2016 00:00:00 +0530 Fri, 28 Oct 2016 14:12:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333956 The High Court upheld the decision of the CIT(A) and Tribunal to cancel the penalty under section 271(1)(c) of the Income Tax Act for Assessment Year 2004-05. The Court found that the mistake made by the respondent in not adding back the amount was genuine, considering the recent amendment and lack of audit observation. Emphasizing that penalties should not be imposed for bona fide mistakes, the Court dismissed the Revenue's appeal, concluding that no substantial question of law arose. Case-Laws Income Tax Sat, 15 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333956