https://www.taxtmi.com/caselaws?id=342059 The Tribunal allowed the appeal, ruling in favor of the assessee and deleting the penalty imposed under section 271(1)(c) for non-disclosure of income due to oversight. The Tribunal found the non-disclosure to be a genuine mistake attributable to oversight, supported by the lack of detection by auditors. It was held that the penalty imposition lacked justification and violated natural justice principles due to procedural deficiencies, leading to the penalty's deletion. en-us Fri, 24 Feb 2017 00:00:00 +0530 Mon, 24 Apr 2017 12:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342059 The Tribunal allowed the appeal, ruling in favor of the assessee and deleting the penalty imposed under section 271(1)(c) for non-disclosure of income due to oversight. The Tribunal found the non-disclosure to be a genuine mistake attributable to oversight, supported by the lack of detection by auditors. It was held that the penalty imposition lacked justification and violated natural justice principles due to procedural deficiencies, leading to the penalty's deletion. Case-Laws Income Tax Fri, 24 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342059