https://www.taxtmi.com/caselaws?id=272947 The Appellate Tribunal canceled the penalty imposed under section 271(1)(c) of the Income-tax Act, ruling in favor of the assessee. The Tribunal found that the assessee's immediate rectification of the omission upon receiving notice under section 148 indicated a lack of deliberate concealment. Emphasizing the absence of malafide intent and no loss to the Revenue, the Tribunal held that the penalty could not be justified. The decision underscores the significance of bona-fide mistakes and prompt corrective actions in assessing penalties under income tax laws. en-us Tue, 16 Jan 2018 00:00:00 +0530 Sat, 26 May 2018 07:18:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272947 The Appellate Tribunal canceled the penalty imposed under section 271(1)(c) of the Income-tax Act, ruling in favor of the assessee. The Tribunal found that the assessee's immediate rectification of the omission upon receiving notice under section 148 indicated a lack of deliberate concealment. Emphasizing the absence of malafide intent and no loss to the Revenue, the Tribunal held that the penalty could not be justified. The decision underscores the significance of bona-fide mistakes and prompt corrective actions in assessing penalties under income tax laws. Case-Laws Income Tax Tue, 16 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272947