https://www.taxtmi.com/caselaws?id=293256 The ITAT Mumbai allowed the appeal of the assessee and directed the AO to delete the penalty imposed under section 271(1)(c) of the Income Tax Act. The ITAT held that the penalty was not justified as the error was inadvertent and promptly rectified, following the legal precedent that genuine mistakes do not warrant penalties for concealment of income or furnishing inaccurate particulars. Consequently, the penalty was set aside in favor of the assessee. en-us Fri, 14 Feb 2020 00:00:00 +0530 Tue, 02 Feb 2021 14:02:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293256 The ITAT Mumbai allowed the appeal of the assessee and directed the AO to delete the penalty imposed under section 271(1)(c) of the Income Tax Act. The ITAT held that the penalty was not justified as the error was inadvertent and promptly rectified, following the legal precedent that genuine mistakes do not warrant penalties for concealment of income or furnishing inaccurate particulars. Consequently, the penalty was set aside in favor of the assessee. Case-Laws Income Tax Fri, 14 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293256