https://www.taxtmi.com/caselaws?id=432153 The Tribunal allowed the appeals filed by the assessee, a partnership firm, for assessment years 2013-14, 2014-15, and 2015-16, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found the appellant's error in reporting the sale of a helicopter to be bona fide and inadvertent, thus reversing the orders of the CIT(A) and quashing the penalty. The Tribunal concluded that the mistake did not constitute furnishing inaccurate particulars of income, thereby allowing the appeals and providing relief to the assessee for all contested assessment years. en-us Thu, 22 Dec 2022 00:00:00 +0530 Thu, 19 Dec 2024 14:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432153 The Tribunal allowed the appeals filed by the assessee, a partnership firm, for assessment years 2013-14, 2014-15, and 2015-16, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found the appellant's error in reporting the sale of a helicopter to be bona fide and inadvertent, thus reversing the orders of the CIT(A) and quashing the penalty. The Tribunal concluded that the mistake did not constitute furnishing inaccurate particulars of income, thereby allowing the appeals and providing relief to the assessee for all contested assessment years. Case-Laws Income Tax Thu, 22 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432153