https://www.taxtmi.com/caselaws?id=312087 ITAT Mumbai allowed the assessee's appeal and directed deletion of penalty under section 271(1)(c). The assessee filed a belated return showing loss that couldn't be carried forward or set off in subsequent years. The CFO made an error while electronically filing by not adding back disallowable expenses already reported in the tax audit report. The tribunal found no intention to conceal income or furnish inaccurate particulars, noting the loss was of no benefit to the assessee. Following SC precedent in Price Waterhouse Coopers case, the tribunal held that professional mistake without intent to conceal income doesn't warrant penalty. en-us Fri, 31 Mar 2017 00:00:00 +0530 Wed, 31 Jan 2024 17:08:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312087 ITAT Mumbai allowed the assessee's appeal and directed deletion of penalty under section 271(1)(c). The assessee filed a belated return showing loss that couldn't be carried forward or set off in subsequent years. The CFO made an error while electronically filing by not adding back disallowable expenses already reported in the tax audit report. The tribunal found no intention to conceal income or furnish inaccurate particulars, noting the loss was of no benefit to the assessee. Following SC precedent in Price Waterhouse Coopers case, the tribunal held that professional mistake without intent to conceal income doesn't warrant penalty. Case-Laws Income Tax Fri, 31 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312087