https://www.taxtmi.com/caselaws?id=408813 The Tribunal allowed the appeal against the penalty order imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2013-14. The Tribunal found that the appellant rectified the mistake in good faith by filing a revised return promptly upon realizing the error, paying the additional tax due before any notice was issued. Citing legal precedents, the Tribunal ruled in favor of the appellant, emphasizing that no penalty was warranted as there was no intention to evade tax. The decision, announced in June 2021, overturned the penalty imposed by the lower authorities. en-us Tue, 15 Jun 2021 00:00:00 +0530 Tue, 22 Jun 2021 09:15:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408813 The Tribunal allowed the appeal against the penalty order imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2013-14. The Tribunal found that the appellant rectified the mistake in good faith by filing a revised return promptly upon realizing the error, paying the additional tax due before any notice was issued. Citing legal precedents, the Tribunal ruled in favor of the appellant, emphasizing that no penalty was warranted as there was no intention to evade tax. The decision, announced in June 2021, overturned the penalty imposed by the lower authorities. Case-Laws Income Tax Tue, 15 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408813