https://www.taxtmi.com/caselaws?id=295439 The Tribunal directed the Assessing Officer to delete the penalty under section 271(1)(c) of the Income Tax Act in a case where the assessee inadvertently failed to disallow property tax expenses under section 43B, rectified the error promptly, and demonstrated no willful concealment of facts. The decision was based on the principle that inadvertent errors should not attract penalties if there was no deliberate suppression of facts or furnishing of inaccurate particulars, as established by legal precedents, including the Supreme Court ruling in Price Waterhouse Coopers v. CIT. en-us Wed, 14 Nov 2018 00:00:00 +0530 Fri, 04 Jun 2021 08:23:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295439 The Tribunal directed the Assessing Officer to delete the penalty under section 271(1)(c) of the Income Tax Act in a case where the assessee inadvertently failed to disallow property tax expenses under section 43B, rectified the error promptly, and demonstrated no willful concealment of facts. The decision was based on the principle that inadvertent errors should not attract penalties if there was no deliberate suppression of facts or furnishing of inaccurate particulars, as established by legal precedents, including the Supreme Court ruling in Price Waterhouse Coopers v. CIT. Case-Laws Income Tax Wed, 14 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295439