https://www.taxtmi.com/caselaws?id=426887 The Tribunal allowed the assessee's appeal, canceling the penalty imposed under Section 271(1)(c) of the Income-tax Act. The decision was based on the finding that the mistake in not adding back the loss on sale of assets was inadvertent and not indicative of willful suppression of facts or intent to evade tax, as supported by the details provided by the assessee and the precedent set by the Supreme Court in similar cases. en-us Wed, 03 Aug 2022 00:00:00 +0530 Sat, 27 Aug 2022 08:17:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426887 The Tribunal allowed the assessee's appeal, canceling the penalty imposed under Section 271(1)(c) of the Income-tax Act. The decision was based on the finding that the mistake in not adding back the loss on sale of assets was inadvertent and not indicative of willful suppression of facts or intent to evade tax, as supported by the details provided by the assessee and the precedent set by the Supreme Court in similar cases. Case-Laws Income Tax Wed, 03 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426887