https://www.taxtmi.com/caselaws?id=414430 The Tribunal concluded that no penalty under section 271(1)(c) of the Income Tax Act was justified based on the additions made by the Assessing Officer. The Tribunal found that the discrepancies were not a result of inaccurate particulars or concealment, considering the bonafide nature of mistakes, immateriality of additions, and rectification during scrutiny assessment. Consequently, the Tribunal set aside the penalty upheld by the Commissioner of Income Tax (Appeals) and directed the deletion of the penalty. en-us Mon, 04 Oct 2021 00:00:00 +0530 Mon, 08 Nov 2021 07:00:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414430 The Tribunal concluded that no penalty under section 271(1)(c) of the Income Tax Act was justified based on the additions made by the Assessing Officer. The Tribunal found that the discrepancies were not a result of inaccurate particulars or concealment, considering the bonafide nature of mistakes, immateriality of additions, and rectification during scrutiny assessment. Consequently, the Tribunal set aside the penalty upheld by the Commissioner of Income Tax (Appeals) and directed the deletion of the penalty. Case-Laws Income Tax Mon, 04 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414430