https://www.taxtmi.com/caselaws?id=10377 The High Court upheld the deletion of a penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, for concealment of income due to a bona fide mistake in accounting. The Court agreed with the Tribunal's findings that the omission of the value of rejected goods from closing stock was inadvertent and not indicative of mala fide intent. Emphasizing that not every accounting error warrants penalty imposition, the Court ruled in favor of the assessee, affirming the decision to delete the penalty. en-us Mon, 13 Sep 2004 00:00:00 +0530 Tue, 14 Jul 2009 16:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10377 The High Court upheld the deletion of a penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, for concealment of income due to a bona fide mistake in accounting. The Court agreed with the Tribunal's findings that the omission of the value of rejected goods from closing stock was inadvertent and not indicative of mala fide intent. Emphasizing that not every accounting error warrants penalty imposition, the Court ruled in favor of the assessee, affirming the decision to delete the penalty. Case-Laws Income Tax Mon, 13 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10377