https://www.taxtmi.com/caselaws?id=418141 The Tribunal upheld the CIT(A)'s decision to delete the penalty under Section 271(1)(c) of the Income-tax Act, 1961. The assessee's classification of agricultural land as stock-in-trade, leading to a mistaken claim for exemption, was deemed a bona fide error. The Tribunal found no inaccurate particulars of income furnished, as the profit was disclosed in audited statements and rectified voluntarily during assessment. Relying on legal precedents, the Tribunal concluded the penalty deletion was justified due to the unintentional nature of the mistake. The Revenue's appeal was dismissed, affirming the CIT(A)'s order. en-us Tue, 08 Feb 2022 00:00:00 +0530 Wed, 09 Feb 2022 05:45:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418141 The Tribunal upheld the CIT(A)'s decision to delete the penalty under Section 271(1)(c) of the Income-tax Act, 1961. The assessee's classification of agricultural land as stock-in-trade, leading to a mistaken claim for exemption, was deemed a bona fide error. The Tribunal found no inaccurate particulars of income furnished, as the profit was disclosed in audited statements and rectified voluntarily during assessment. Relying on legal precedents, the Tribunal concluded the penalty deletion was justified due to the unintentional nature of the mistake. The Revenue's appeal was dismissed, affirming the CIT(A)'s order. Case-Laws Income Tax Tue, 08 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418141