https://www.taxtmi.com/caselaws?id=381389 The Tribunal allowed the appeal, canceling the penalty imposed under s.271(1)(c) on interest on income-tax refund not included in the Return of Income. It found no intentional omission of taxable income and considered the error as bona fide due to lack of information, directing the Assessing Officer to exercise discretion in favor of the assessee. The penalty was deemed unwarranted, emphasizing the absence of deliberate conduct and highlighting the possibility of carelessness in failing to notice the interest component in Form 26AS during filing. en-us Mon, 27 May 2019 00:00:00 +0530 Tue, 11 Jun 2019 06:25:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381389 The Tribunal allowed the appeal, canceling the penalty imposed under s.271(1)(c) on interest on income-tax refund not included in the Return of Income. It found no intentional omission of taxable income and considered the error as bona fide due to lack of information, directing the Assessing Officer to exercise discretion in favor of the assessee. The penalty was deemed unwarranted, emphasizing the absence of deliberate conduct and highlighting the possibility of carelessness in failing to notice the interest component in Form 26AS during filing. Case-Laws Income Tax Mon, 27 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381389