https://www.taxtmi.com/caselaws?id=449548 The Tribunal allowed the appeal, directing the deletion of the penalty under section 271(1)(c) of the Income Tax Act for the assessment year 2011-12. The appellant, a pharmaceutical company, successfully argued that the discrepancies in their income computation were inadvertent human errors, which were rectified during assessment proceedings. The Tribunal accepted this explanation, referencing a precedent case, and deemed the penalty of Rs. 17,81,066 unjustified. The Assessing Officer was instructed to remove the penalty, and an additional ground raised by the assessee was left open for future consideration. en-us Mon, 12 Feb 2024 00:00:00 +0530 Wed, 14 Feb 2024 07:15:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449548 The Tribunal allowed the appeal, directing the deletion of the penalty under section 271(1)(c) of the Income Tax Act for the assessment year 2011-12. The appellant, a pharmaceutical company, successfully argued that the discrepancies in their income computation were inadvertent human errors, which were rectified during assessment proceedings. The Tribunal accepted this explanation, referencing a precedent case, and deemed the penalty of Rs. 17,81,066 unjustified. The Assessing Officer was instructed to remove the penalty, and an additional ground raised by the assessee was left open for future consideration. Case-Laws Income Tax Mon, 12 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449548