https://www.taxtmi.com/caselaws?id=421406 The Tribunal set aside the CIT(A)'s decision and directed the AO to delete the penalty imposed under section 271(1)(c) for the assessment year 2014-15. The Tribunal found that the assessee's actions in rectifying errors promptly upon discovering them, paying the required tax, and initiating action against the negligent chartered accountant did not amount to intentional concealment or furnishing inaccurate particulars of income. The Tribunal emphasized the genuine belief of the assessee, prompt rectification of errors, and the impact of wrong professional advice in penalty proceedings under the IT Act. en-us Tue, 19 Apr 2022 00:00:00 +0530 Sat, 23 Apr 2022 08:35:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421406 The Tribunal set aside the CIT(A)'s decision and directed the AO to delete the penalty imposed under section 271(1)(c) for the assessment year 2014-15. The Tribunal found that the assessee's actions in rectifying errors promptly upon discovering them, paying the required tax, and initiating action against the negligent chartered accountant did not amount to intentional concealment or furnishing inaccurate particulars of income. The Tribunal emphasized the genuine belief of the assessee, prompt rectification of errors, and the impact of wrong professional advice in penalty proceedings under the IT Act. Case-Laws Income Tax Tue, 19 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421406