https://www.taxtmi.com/caselaws?id=362352 The Appellate Tribunal, following the precedent set by the Supreme Court in CIT vs Suresh Chandra Mittal, ruled in favor of the assessee, directing the Assessing Officer to delete the penalty imposed under section 271(1)(c). The Tribunal considered the inadvertent nature of the omission of interest income, which was rectified voluntarily before the assessment was completed, and concluded that the penalty for concealing income was not justified in this case. As a result, the appeal by the assessee was allowed, and the penalty was removed. en-us Wed, 20 Jun 2018 00:00:00 +0530 Sat, 23 Jun 2018 08:34:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362352 The Appellate Tribunal, following the precedent set by the Supreme Court in CIT vs Suresh Chandra Mittal, ruled in favor of the assessee, directing the Assessing Officer to delete the penalty imposed under section 271(1)(c). The Tribunal considered the inadvertent nature of the omission of interest income, which was rectified voluntarily before the assessment was completed, and concluded that the penalty for concealing income was not justified in this case. As a result, the appeal by the assessee was allowed, and the penalty was removed. Case-Laws Income Tax Wed, 20 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362352