https://www.taxtmi.com/caselaws?id=427084 The Tribunal concluded that the penalty imposed under Section 271(1)(c) of the Income Tax Act was unjustified. Emphasizing the distinction between concealment of income and furnishing inaccurate particulars, the Tribunal found the penalty was unwarranted due to the assessee's voluntary correction and payment of taxes. Considering the bona fide nature of the mistake and lack of intent to deceive, the appeal was allowed, and the penalty was deleted. The order was pronounced on 29/08/2022. en-us Mon, 29 Aug 2022 00:00:00 +0530 Thu, 01 Sep 2022 07:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427084 The Tribunal concluded that the penalty imposed under Section 271(1)(c) of the Income Tax Act was unjustified. Emphasizing the distinction between concealment of income and furnishing inaccurate particulars, the Tribunal found the penalty was unwarranted due to the assessee's voluntary correction and payment of taxes. Considering the bona fide nature of the mistake and lack of intent to deceive, the appeal was allowed, and the penalty was deleted. The order was pronounced on 29/08/2022. Case-Laws Income Tax Mon, 29 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427084