https://www.taxtmi.com/caselaws?id=434707 The ITAT Member allowed the appeal, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act for the Assessment Year 2015-16. The Member found that the omission of income was due to a bona fide mistake promptly rectified by the assessee, with no evidence of willful concealment. Relying on judicial precedents emphasizing the burden of proof on the revenue and the need for explanations, the Member ruled in favor of the assessee, directing deletion of the penalty. en-us Wed, 22 Feb 2023 00:00:00 +0530 Thu, 02 Mar 2023 08:16:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434707 The ITAT Member allowed the appeal, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act for the Assessment Year 2015-16. The Member found that the omission of income was due to a bona fide mistake promptly rectified by the assessee, with no evidence of willful concealment. Relying on judicial precedents emphasizing the burden of proof on the revenue and the need for explanations, the Member ruled in favor of the assessee, directing deletion of the penalty. Case-Laws Income Tax Wed, 22 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434707