https://www.taxtmi.com/caselaws?id=339106 The Tribunal concluded that the penalty under Section 271(1)(c) of the Income-tax Act was not sustainable as the assessee provided a bona fide explanation for omitting the management bonus from the return, and the Revenue did not suffer any loss due to tax already deducted at source. The penalty of Rs. 6,58,573/- was deleted, and the appeal of the assessee was allowed. en-us Wed, 15 Feb 2017 00:00:00 +0530 Sat, 18 Feb 2017 14:50:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339106 The Tribunal concluded that the penalty under Section 271(1)(c) of the Income-tax Act was not sustainable as the assessee provided a bona fide explanation for omitting the management bonus from the return, and the Revenue did not suffer any loss due to tax already deducted at source. The penalty of Rs. 6,58,573/- was deleted, and the appeal of the assessee was allowed. Case-Laws Income Tax Wed, 15 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339106