https://www.taxtmi.com/caselaws?id=187620 The ITAT upheld the CIT(A)'s decision to cancel the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 on the assessee for failure to make complete disallowance under section 43B(e). The tribunal found the mistake to be bona fide, considering the ignorance of the amendment in the law by both the appellant and the auditor, leading to a genuine error. The ITAT emphasized that penalties cannot be levied for such genuine mistakes, ultimately dismissing the revenue's appeal and ruling in favor of the assessee. en-us Wed, 23 Oct 2013 00:00:00 +0530 Thu, 03 Nov 2016 14:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187620 The ITAT upheld the CIT(A)'s decision to cancel the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 on the assessee for failure to make complete disallowance under section 43B(e). The tribunal found the mistake to be bona fide, considering the ignorance of the amendment in the law by both the appellant and the auditor, leading to a genuine error. The ITAT emphasized that penalties cannot be levied for such genuine mistakes, ultimately dismissing the revenue's appeal and ruling in favor of the assessee. Case-Laws Income Tax Wed, 23 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187620