https://www.taxtmi.com/caselaws?id=775416 Penalty under section 271(1)(c) was deleted where the assessee inadvertently claimed deduction under section 54F and rectified the mistake by filing a revised computation during assessment proceedings. The ITAT held that the error was bona fide and did not warrant penalty. Further, penalty levied for furnishing inaccurate particulars of income was unsustainable as penalty proceedings were initiated only for concealment of income, a distinct offense requiring separate satisfaction and notice. Since the AO issued notice and levied penalty on a different limb than that for which proceedings were initiated, the penalty was liable to be deleted. The appeal of the assessee was allowed accordingly. en-us Mon, 02 Jun 2025 00:00:00 +0530 Thu, 24 Jul 2025 15:33:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775416 Penalty under section 271(1)(c) was deleted where the assessee inadvertently claimed deduction under section 54F and rectified the mistake by filing a revised computation during assessment proceedings. The ITAT held that the error was bona fide and did not warrant penalty. Further, penalty levied for furnishing inaccurate particulars of income was unsustainable as penalty proceedings were initiated only for concealment of income, a distinct offense requiring separate satisfaction and notice. Since the AO issued notice and levied penalty on a different limb than that for which proceedings were initiated, the penalty was liable to be deleted. The appeal of the assessee was allowed accordingly. Case-Laws Income Tax Mon, 02 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775416