https://www.taxtmi.com/caselaws?id=359672 A bona fide or inadvertent omission corrected by the assessee during assessment proceedings does not attract penalty under section 271(1)(c) unless concealment of income or furnishing of inaccurate particulars is established. The record indicated persistent business losses, reduced manpower, and no deliberate intent to suppress income in relation to the disputed expenses. The revised computation was filed during assessment, and the assessment notices did not specifically cover those expenditures. On that basis, the penalty was held unsustainable and directed to be deleted. en-us Mon, 23 Apr 2018 00:00:00 +0530 Wed, 02 May 2018 10:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359672 A bona fide or inadvertent omission corrected by the assessee during assessment proceedings does not attract penalty under section 271(1)(c) unless concealment of income or furnishing of inaccurate particulars is established. The record indicated persistent business losses, reduced manpower, and no deliberate intent to suppress income in relation to the disputed expenses. The revised computation was filed during assessment, and the assessment notices did not specifically cover those expenditures. On that basis, the penalty was held unsustainable and directed to be deleted. Case-Laws Income Tax Mon, 23 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359672