https://www.taxtmi.com/caselaws?id=313111 ITAT Delhi ruled in favor of the assessee regarding penalty u/s 271(1)(c) for disallowance of miscellaneous expenses and loss on sale of asset. The tribunal found that the assessee made a bonafide clerical mistake in omitting the loss amount from income computation, though it was properly reflected in audited accounts. Since all asset sale information was furnished during assessment proceedings and there was no deliberate attempt to conceal income or file inaccurate particulars, the penalty was deleted. The tribunal relied on Price Waterhouse Coopers precedent and allowed the assessee's appeal. en-us Fri, 04 Mar 2016 00:00:00 +0530 Tue, 26 Mar 2024 19:05:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313111 ITAT Delhi ruled in favor of the assessee regarding penalty u/s 271(1)(c) for disallowance of miscellaneous expenses and loss on sale of asset. The tribunal found that the assessee made a bonafide clerical mistake in omitting the loss amount from income computation, though it was properly reflected in audited accounts. Since all asset sale information was furnished during assessment proceedings and there was no deliberate attempt to conceal income or file inaccurate particulars, the penalty was deleted. The tribunal relied on Price Waterhouse Coopers precedent and allowed the assessee's appeal. Case-Laws Income Tax Fri, 04 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313111