https://www.taxtmi.com/caselaws?id=366976 The Tribunal ruled in favor of the assessee, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act. The decision emphasized the importance of rectifying genuine mistakes promptly and voluntarily, highlighting that penalties are applicable in cases of deliberate concealment or inaccurate reporting, which was not the situation in this case. en-us Tue, 11 Sep 2018 00:00:00 +0530 Thu, 13 Sep 2018 08:22:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366976 The Tribunal ruled in favor of the assessee, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act. The decision emphasized the importance of rectifying genuine mistakes promptly and voluntarily, highlighting that penalties are applicable in cases of deliberate concealment or inaccurate reporting, which was not the situation in this case. Case-Laws Income Tax Tue, 11 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366976