https://www.taxtmi.com/caselaws?id=382849 Penalty under section 271(1)(c) was held not leviable where the assessee's failure to make a suo motu disallowance of unpaid interest arose from a bona fide and inadvertent error. The relevant particulars were already disclosed in the statutory audit report, annual report, and return-related documents, and the omission to add back the amount was treated as a non-contumacious mistake. On those facts, there was no intention to conceal income or furnish inaccurate particulars, so the concealment penalty was not attracted. The principle in Price Waterhouse Coopers was applied, while Mak Data P. Ltd. was distinguished. en-us Tue, 25 Jun 2019 00:00:00 +0530 Wed, 04 Mar 2020 17:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382849 Penalty under section 271(1)(c) was held not leviable where the assessee's failure to make a suo motu disallowance of unpaid interest arose from a bona fide and inadvertent error. The relevant particulars were already disclosed in the statutory audit report, annual report, and return-related documents, and the omission to add back the amount was treated as a non-contumacious mistake. On those facts, there was no intention to conceal income or furnish inaccurate particulars, so the concealment penalty was not attracted. The principle in Price Waterhouse Coopers was applied, while Mak Data P. Ltd. was distinguished. Case-Laws Income Tax Tue, 25 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382849