https://www.taxtmi.com/caselaws?id=398489 The Tribunal upheld the cancellation of the penalty imposed under section 271(1)(c) of the Income Tax Act. The decision was based on the finding that the assessee's actions did not amount to concealment or furnishing inaccurate particulars of income. The Tribunal concluded that the discrepancy in income was due to a bona fide mistake by the bank, promptly rectified in the subsequent year. Therefore, the appeal of the Revenue was dismissed, and the penalty was not imposed on the assessee. en-us Fri, 04 Sep 2020 00:00:00 +0530 Thu, 17 Sep 2020 15:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398489 The Tribunal upheld the cancellation of the penalty imposed under section 271(1)(c) of the Income Tax Act. The decision was based on the finding that the assessee's actions did not amount to concealment or furnishing inaccurate particulars of income. The Tribunal concluded that the discrepancy in income was due to a bona fide mistake by the bank, promptly rectified in the subsequent year. Therefore, the appeal of the Revenue was dismissed, and the penalty was not imposed on the assessee. Case-Laws Income Tax Fri, 04 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398489