https://www.taxtmi.com/caselaws?id=411613 The Appellate Tribunal allowed the appeal, setting aside the penalty imposed on the assessee under section 271(1)(c) of the Income Tax Act for furnishing inaccurate particulars of income. The Tribunal found that the assessee's revision to add back the provision for standard asset in the computation of income under section 115JB was indeed suo moto and not a result of scrutiny assessment, as argued by the authorities. The Tribunal concluded that the penalty imposition was unjustified, as the authorities failed to effectively rebut the assessee's claim of a genuine mistake. en-us Thu, 03 Jun 2021 00:00:00 +0530 Tue, 31 Aug 2021 09:17:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411613 The Appellate Tribunal allowed the appeal, setting aside the penalty imposed on the assessee under section 271(1)(c) of the Income Tax Act for furnishing inaccurate particulars of income. The Tribunal found that the assessee's revision to add back the provision for standard asset in the computation of income under section 115JB was indeed suo moto and not a result of scrutiny assessment, as argued by the authorities. The Tribunal concluded that the penalty imposition was unjustified, as the authorities failed to effectively rebut the assessee's claim of a genuine mistake. Case-Laws Income Tax Thu, 03 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411613