https://www.taxtmi.com/caselaws?id=443976 The Tribunal ruled in favor of the assessee, directing the Assessing Officer to delete the penalty imposed under section 270A of the Income-tax Act, 1961. The Tribunal found that the error in claiming deduction under section 32AC was a bona fide mistake rectified voluntarily before detection by the AO. As the explanation provided was deemed bona fide and all material facts were disclosed, the penalty was not applicable under section 270A. The Tribunal emphasized the importance of specificity in show cause notices but granted relief based on the assessee's genuine conduct. en-us Mon, 11 Sep 2023 00:00:00 +0530 Fri, 06 Oct 2023 08:18:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443976 The Tribunal ruled in favor of the assessee, directing the Assessing Officer to delete the penalty imposed under section 270A of the Income-tax Act, 1961. The Tribunal found that the error in claiming deduction under section 32AC was a bona fide mistake rectified voluntarily before detection by the AO. As the explanation provided was deemed bona fide and all material facts were disclosed, the penalty was not applicable under section 270A. The Tribunal emphasized the importance of specificity in show cause notices but granted relief based on the assessee's genuine conduct. Case-Laws Income Tax Mon, 11 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443976