https://www.taxtmi.com/caselaws?id=399965 The Tribunal allowed the appeal, setting aside the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for Assessment Year 2011-12. The Tribunal found the error in book profit computation to be inadvertent and bona fide, overturning the penalty upheld by the CIT(A) and directing deletion of the penalty by the Assessing Officer. The decision emphasized that penalties should not be imposed for genuine mistakes, aligning with relevant legal precedent. en-us Wed, 21 Oct 2020 00:00:00 +0530 Fri, 23 Oct 2020 16:15:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399965 The Tribunal allowed the appeal, setting aside the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for Assessment Year 2011-12. The Tribunal found the error in book profit computation to be inadvertent and bona fide, overturning the penalty upheld by the CIT(A) and directing deletion of the penalty by the Assessing Officer. The decision emphasized that penalties should not be imposed for genuine mistakes, aligning with relevant legal precedent. Case-Laws Income Tax Wed, 21 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399965