https://www.taxtmi.com/caselaws?id=364651 The Tribunal found that the penalty under Section 271(1)(c) of the Income-tax Act was not justified as the failure to add back the provision for gratuity was a bona fide mistake by the Chartered Accountant, with no intention to conceal income. The Tribunal emphasized that penalty proceedings should consider the inadvertent nature of the error, distinguishing them from assessment proceedings. Consequently, the penalty imposed by the Assessing Officer and confirmed by the CIT(A) was cancelled, and the appeal of the assessee was allowed. en-us Mon, 30 Jul 2018 00:00:00 +0530 Wed, 01 Aug 2018 10:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=364651 The Tribunal found that the penalty under Section 271(1)(c) of the Income-tax Act was not justified as the failure to add back the provision for gratuity was a bona fide mistake by the Chartered Accountant, with no intention to conceal income. The Tribunal emphasized that penalty proceedings should consider the inadvertent nature of the error, distinguishing them from assessment proceedings. Consequently, the penalty imposed by the Assessing Officer and confirmed by the CIT(A) was cancelled, and the appeal of the assessee was allowed. Case-Laws Income Tax Mon, 30 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=364651