https://www.taxtmi.com/caselaws?id=426326 The Tribunal, following precedents from the Hon'ble Apex Court and Hon'ble Rajasthan High Court, ruled in favor of the assessee in penalty proceedings under sections 271(1)(c) and 270A of the Income Tax Act for assessment years 2016-17 & 2017-18. The penalties were deemed unjustified due to the inadvertent nature of errors, lack of intent to conceal income, and prompt rectification of mistakes upon notice. Consequently, the penalties were canceled, and the appeals were allowed in favor of the assessee for both assessment years. en-us Wed, 27 Jul 2022 00:00:00 +0530 Sat, 13 Aug 2022 08:05:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426326 The Tribunal, following precedents from the Hon'ble Apex Court and Hon'ble Rajasthan High Court, ruled in favor of the assessee in penalty proceedings under sections 271(1)(c) and 270A of the Income Tax Act for assessment years 2016-17 & 2017-18. The penalties were deemed unjustified due to the inadvertent nature of errors, lack of intent to conceal income, and prompt rectification of mistakes upon notice. Consequently, the penalties were canceled, and the appeals were allowed in favor of the assessee for both assessment years. Case-Laws Income Tax Wed, 27 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426326