https://www.taxtmi.com/caselaws?id=750627 The Appellate Tribunal set aside the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, for the Assessment Year 2011-12. The Tribunal concluded that the assessee's omission to add back the loss on the sale of machinery was an inadvertent and bona fide error, not an attempt to conceal income. Consequently, the Tribunal directed the deletion of the penalty, allowing the assessee's appeal and overturning the decisions of the AO and the CIT(A). en-us Fri, 22 Mar 2024 00:00:00 +0530 Tue, 26 Mar 2024 07:52:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750627 The Appellate Tribunal set aside the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, for the Assessment Year 2011-12. The Tribunal concluded that the assessee's omission to add back the loss on the sale of machinery was an inadvertent and bona fide error, not an attempt to conceal income. Consequently, the Tribunal directed the deletion of the penalty, allowing the assessee's appeal and overturning the decisions of the AO and the CIT(A). Case-Laws Income Tax Fri, 22 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750627