https://www.taxtmi.com/caselaws?id=354674 The Tribunal allowed the appeal, setting aside the order of the CIT(A) and quashing the penalty imposed by the Assessing Officer under section 271(1)(c) of the Income Tax Act, 1961. The penalty of Rs. 3,68,827/- was deleted as the error in claiming excess set off of brought forward losses was deemed a bona fide mistake by the Chartered Accountant, not deliberate concealment or furnishing inaccurate particulars of income. The Tribunal granted consequential relief in favor of the assessee, attributing the error to inadvertence and the unavailability of relevant records. en-us Wed, 20 Dec 2017 00:00:00 +0530 Fri, 02 Feb 2018 09:17:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354674 The Tribunal allowed the appeal, setting aside the order of the CIT(A) and quashing the penalty imposed by the Assessing Officer under section 271(1)(c) of the Income Tax Act, 1961. The penalty of Rs. 3,68,827/- was deleted as the error in claiming excess set off of brought forward losses was deemed a bona fide mistake by the Chartered Accountant, not deliberate concealment or furnishing inaccurate particulars of income. The Tribunal granted consequential relief in favor of the assessee, attributing the error to inadvertence and the unavailability of relevant records. Case-Laws Income Tax Wed, 20 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354674