https://www.taxtmi.com/caselaws?id=753719 ITAT Bangalore dismissed revenue's appeal against penalty deletion under section 271(1)(c) for inaccurate income particulars. Assessee had not disclosed non-eligibility of brought forward losses in return, but ITAT held no penalty was warranted as assessee voluntarily paid additional tax with interest before assessment proceedings commenced. The disallowance arose from subsequent MAP order affecting loss carry-forward eligibility, not from concealment at time of filing return. ITAT found assessee's explanation bona fide and agreed with CIT(A) that conditions for penalty under section 271(1)(c) were not satisfied. en-us Wed, 29 May 2024 00:00:00 +0530 Sat, 08 Jun 2024 09:05:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753719 ITAT Bangalore dismissed revenue's appeal against penalty deletion under section 271(1)(c) for inaccurate income particulars. Assessee had not disclosed non-eligibility of brought forward losses in return, but ITAT held no penalty was warranted as assessee voluntarily paid additional tax with interest before assessment proceedings commenced. The disallowance arose from subsequent MAP order affecting loss carry-forward eligibility, not from concealment at time of filing return. ITAT found assessee's explanation bona fide and agreed with CIT(A) that conditions for penalty under section 271(1)(c) were not satisfied. Case-Laws Income Tax Wed, 29 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753719