https://www.taxtmi.com/caselaws?id=193546 The penalty under section 271(1)(c) of the Income Tax Act for assessment year 2008-09, imposed on the assessee for not adding sundry balances written off in the return of income, was canceled. The ld. CIT(Appeals) found the mistake to be inadvertent, lacking intentional evasion, and noted the absence of deliberate or malafide intent. The Tribunal upheld the cancellation, emphasizing the assessee's disclosure of facts, bonafide explanation, and rectification of the error without any tax evasion motive. Citing precedents, including decisions by the Gujrat High Court and the Madras High Court, the Tribunal affirmed the cancellation of the penalty and dismissed the departmental appeal. en-us Fri, 28 Oct 2016 00:00:00 +0530 Sat, 05 Aug 2017 07:29:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193546 The penalty under section 271(1)(c) of the Income Tax Act for assessment year 2008-09, imposed on the assessee for not adding sundry balances written off in the return of income, was canceled. The ld. CIT(Appeals) found the mistake to be inadvertent, lacking intentional evasion, and noted the absence of deliberate or malafide intent. The Tribunal upheld the cancellation, emphasizing the assessee's disclosure of facts, bonafide explanation, and rectification of the error without any tax evasion motive. Citing precedents, including decisions by the Gujrat High Court and the Madras High Court, the Tribunal affirmed the cancellation of the penalty and dismissed the departmental appeal. Case-Laws Income Tax Fri, 28 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193546