https://www.taxtmi.com/caselaws?id=376970 The Tribunal dismissed the Revenue's appeal, upholding the decision to delete the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 for the Assessment Year 2012-13. The penalty was deemed unjustified as there was no deliberate concealment of income, and the claim of brought forward losses was considered a bona fide mistake that was subsequently rectified. The Tribunal emphasized that all relevant particulars were disclosed to the Assessing Officer, and therefore, the penalty order was rightly set aside. en-us Fri, 15 Mar 2019 00:00:00 +0530 Mon, 18 Mar 2019 13:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376970 The Tribunal dismissed the Revenue's appeal, upholding the decision to delete the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 for the Assessment Year 2012-13. The penalty was deemed unjustified as there was no deliberate concealment of income, and the claim of brought forward losses was considered a bona fide mistake that was subsequently rectified. The Tribunal emphasized that all relevant particulars were disclosed to the Assessing Officer, and therefore, the penalty order was rightly set aside. Case-Laws Income Tax Fri, 15 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376970