https://www.taxtmi.com/caselaws?id=757722 The ITAT Delhi held that penalty under section 271(1) for allegedly furnishing inaccurate particulars regarding sales tax concession was not sustainable. The tribunal found no willful intent by the assessee to submit inaccurate information. The CIT(A) had imposed penalty based on presumption that being a large organization, the mistake could not have occurred inadvertently. The ITAT ruled that humans in all organizations are fallible and organizational size cannot attribute malice. Since the assessee correctly reported facts in two places but omitted at one place, the penalty was deleted in favor of the assessee. en-us Tue, 23 Jul 2024 00:00:00 +0530 Sat, 31 Aug 2024 07:53:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757722 The ITAT Delhi held that penalty under section 271(1) for allegedly furnishing inaccurate particulars regarding sales tax concession was not sustainable. The tribunal found no willful intent by the assessee to submit inaccurate information. The CIT(A) had imposed penalty based on presumption that being a large organization, the mistake could not have occurred inadvertently. The ITAT ruled that humans in all organizations are fallible and organizational size cannot attribute malice. Since the assessee correctly reported facts in two places but omitted at one place, the penalty was deleted in favor of the assessee. Case-Laws Income Tax Tue, 23 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757722