https://www.taxtmi.com/caselaws?id=756724 The ITAT allowed the appeal of the assessee, a charitable trust, by canceling the penalty imposed under Section 271(1)(c) of the Income Tax Act. The Tribunal determined that the incorrect claim for building construction deduction did not affect the total income, as the remaining deduction was sufficient. The Tribunal concluded that the mistake was bona fide, and the penalty was deemed inapplicable. Consequently, the penalty levied by the NFAC was annulled, and the decision was pronounced on 06/08/2024. en-us Tue, 06 Aug 2024 00:00:00 +0530 Thu, 08 Aug 2024 09:10:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756724 The ITAT allowed the appeal of the assessee, a charitable trust, by canceling the penalty imposed under Section 271(1)(c) of the Income Tax Act. The Tribunal determined that the incorrect claim for building construction deduction did not affect the total income, as the remaining deduction was sufficient. The Tribunal concluded that the mistake was bona fide, and the penalty was deemed inapplicable. Consequently, the penalty levied by the NFAC was annulled, and the decision was pronounced on 06/08/2024. Case-Laws Income Tax Tue, 06 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756724