https://www.taxtmi.com/caselaws?id=187671 The Tribunal allowed the appeal, directing the Assessing Officer to delete the penalty of Rs. 4,04,232 imposed under section 271(1)(c) of the Income Tax Act. The Tribunal considered the mistake in non-payment of interest as bonafide, citing precedents where penalties were deleted for similar errors due to ignorance of law. The appellant's explanation of ignorance of the amended provisions and inadvertence by the tax consultant was accepted, leading to the penalty being overturned. en-us Mon, 31 Jan 2011 00:00:00 +0530 Wed, 02 Nov 2016 13:15:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187671 The Tribunal allowed the appeal, directing the Assessing Officer to delete the penalty of Rs. 4,04,232 imposed under section 271(1)(c) of the Income Tax Act. The Tribunal considered the mistake in non-payment of interest as bonafide, citing precedents where penalties were deleted for similar errors due to ignorance of law. The appellant's explanation of ignorance of the amended provisions and inadvertence by the tax consultant was accepted, leading to the penalty being overturned. Case-Laws Income Tax Mon, 31 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187671