https://www.taxtmi.com/caselaws?id=418991 The Appellate Tribunal allowed the appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal held that the penalty was unjustified as the appellant's failure to include foreign exchange fluctuation in income was an inadvertent mistake rectified voluntarily before detection by the revenue. Emphasizing the appellant's proactive approach and lack of deliberate concealment, the Tribunal directed the deletion of the penalty amounting to &8377; 1,53,358, partially allowing the appeal in favor of the appellant. en-us Wed, 23 Feb 2022 00:00:00 +0530 Tue, 01 Mar 2022 08:18:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418991 The Appellate Tribunal allowed the appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal held that the penalty was unjustified as the appellant's failure to include foreign exchange fluctuation in income was an inadvertent mistake rectified voluntarily before detection by the revenue. Emphasizing the appellant's proactive approach and lack of deliberate concealment, the Tribunal directed the deletion of the penalty amounting to &8377; 1,53,358, partially allowing the appeal in favor of the appellant. Case-Laws Income Tax Wed, 23 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418991