https://www.taxtmi.com/caselaws?id=339418 The Tribunal held that the penalty imposed for concealing income under section 271(1)(c) was not justified. It noted that the assessee rectified the error voluntarily during assessment proceedings and offered the correct income for taxation. Relying on relevant case laws, the Tribunal concluded that penalties should not be imposed for inadvertent errors corrected during assessment. The penalty was revoked, emphasizing the importance of rectifying mistakes during assessments and considering the bona fide nature of the error. en-us Wed, 25 Jan 2017 00:00:00 +0530 Mon, 27 Feb 2017 10:47:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339418 The Tribunal held that the penalty imposed for concealing income under section 271(1)(c) was not justified. It noted that the assessee rectified the error voluntarily during assessment proceedings and offered the correct income for taxation. Relying on relevant case laws, the Tribunal concluded that penalties should not be imposed for inadvertent errors corrected during assessment. The penalty was revoked, emphasizing the importance of rectifying mistakes during assessments and considering the bona fide nature of the error. Case-Laws Income Tax Wed, 25 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339418