https://www.taxtmi.com/caselaws?id=385579 The Tribunal ordered the deletion of the penalty of Rs. 5,14,145/- imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 2013-14. The Tribunal accepted the assessee's explanation as bonafide and genuine, ruling that there was no intent to furnish inaccurate particulars of income or conceal income. The revised computation of income rectified the initial error made in the return filed, leading to the exemption of the assessee from the penalty under Explanation 1 to the provisions of Section 271(1)(c). The appeal was allowed in favor of the assessee. en-us Thu, 05 Sep 2019 00:00:00 +0530 Sat, 07 Sep 2019 11:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385579 The Tribunal ordered the deletion of the penalty of Rs. 5,14,145/- imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 2013-14. The Tribunal accepted the assessee's explanation as bonafide and genuine, ruling that there was no intent to furnish inaccurate particulars of income or conceal income. The revised computation of income rectified the initial error made in the return filed, leading to the exemption of the assessee from the penalty under Explanation 1 to the provisions of Section 271(1)(c). The appeal was allowed in favor of the assessee. Case-Laws Income Tax Thu, 05 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385579