https://www.taxtmi.com/caselaws?id=400888 The ITAT allowed the assessee's appeal, deleting the penalty imposed by the AO under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the errors, including disallowance of foreign travel expenses, double entry of auditor's remuneration, and STT disallowance, were genuine and lacked intent to conceal income. The Tribunal cited the Supreme Court's decision in Price Waterhouse Coopers (P.) Ltd. vs. CIT, emphasizing that genuine mistakes should not incur penalties. The order was pronounced on 08.07.2020, with procedural delays justified due to the COVID-19 lockdown. en-us Wed, 08 Jul 2020 00:00:00 +0530 Mon, 04 Nov 2024 14:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400888 The ITAT allowed the assessee's appeal, deleting the penalty imposed by the AO under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the errors, including disallowance of foreign travel expenses, double entry of auditor's remuneration, and STT disallowance, were genuine and lacked intent to conceal income. The Tribunal cited the Supreme Court's decision in Price Waterhouse Coopers (P.) Ltd. vs. CIT, emphasizing that genuine mistakes should not incur penalties. The order was pronounced on 08.07.2020, with procedural delays justified due to the COVID-19 lockdown. Case-Laws Income Tax Wed, 08 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400888