https://www.taxtmi.com/caselaws?id=393030 The Tribunal allowed the appeal of the assessee, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the misclassification of income was a bona fide mistake and not intentional concealment. Relying on legal precedents, the Tribunal concluded that inadvertent errors do not warrant penalty imposition. The penalty was deemed unwarranted, and the order was pronounced in favor of the assessee on 25/02/2020, rendering the penalty proceedings moot. en-us Tue, 25 Feb 2020 00:00:00 +0530 Wed, 04 Mar 2020 13:16:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393030 The Tribunal allowed the appeal of the assessee, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the misclassification of income was a bona fide mistake and not intentional concealment. Relying on legal precedents, the Tribunal concluded that inadvertent errors do not warrant penalty imposition. The penalty was deemed unwarranted, and the order was pronounced in favor of the assessee on 25/02/2020, rendering the penalty proceedings moot. Case-Laws Income Tax Tue, 25 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393030