https://www.taxtmi.com/caselaws?id=381015 The tribunal allowed the appeal, deleting the penalty of Rs. 55,260 imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2014-15. The decision was based on the assessee's plausible explanation for the oversight in not adding back the disallowed amount, supported by full disclosure in the tax audit report. The tribunal held that the failure to disallow the amount under section 40(a)(ia) was a bona fide mistake and not intentional, hence deleting the penalty imposed. en-us Wed, 29 May 2019 00:00:00 +0530 Sat, 01 Jun 2019 10:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381015 The tribunal allowed the appeal, deleting the penalty of Rs. 55,260 imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2014-15. The decision was based on the assessee's plausible explanation for the oversight in not adding back the disallowed amount, supported by full disclosure in the tax audit report. The tribunal held that the failure to disallow the amount under section 40(a)(ia) was a bona fide mistake and not intentional, hence deleting the penalty imposed. Case-Laws Income Tax Wed, 29 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381015