https://www.taxtmi.com/caselaws?id=346126 The High Court upheld the decision of the Tribunal and the Commissioner of Income Tax (Appeals) to cancel the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961. The court found that the omission of sundry balances in the computation of total income was inadvertent and not intentional, leading to the dismissal of the appellant-revenue's appeal. The authorities emphasized the lack of deliberate wrongdoing, prompt rectification of errors, and disclosure of all relevant information by the assessee, citing precedents where penalties were canceled for genuine mistakes. en-us Fri, 21 Jul 2017 00:00:00 +0530 Fri, 04 Aug 2017 13:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346126 The High Court upheld the decision of the Tribunal and the Commissioner of Income Tax (Appeals) to cancel the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961. The court found that the omission of sundry balances in the computation of total income was inadvertent and not intentional, leading to the dismissal of the appellant-revenue's appeal. The authorities emphasized the lack of deliberate wrongdoing, prompt rectification of errors, and disclosure of all relevant information by the assessee, citing precedents where penalties were canceled for genuine mistakes. Case-Laws Income Tax Fri, 21 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346126