https://www.taxtmi.com/caselaws?id=466773 Penalty liability under the Income-tax Act was examined for omissions in receipts and an unadded back loss; the governing principle applied is that section 271(1)(c) requires deliberate concealment or furnishing of inaccurate particulars, whereas bona fide inadvertent errors do not attract penalty. The taxpayer's cooperation, audited accounts evidencing transactions, acceptance of disallowances during assessment, and lack of material indicating conscious suppression were treated as determinative of absence of mens rea, resulting in deletion of the penalty and dismissal of the Revenue's appeal as reported. en-us Tue, 25 Feb 2025 00:00:00 +0530 Thu, 19 Feb 2026 13:56:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466773 Penalty liability under the Income-tax Act was examined for omissions in receipts and an unadded back loss; the governing principle applied is that section 271(1)(c) requires deliberate concealment or furnishing of inaccurate particulars, whereas bona fide inadvertent errors do not attract penalty. The taxpayer's cooperation, audited accounts evidencing transactions, acceptance of disallowances during assessment, and lack of material indicating conscious suppression were treated as determinative of absence of mens rea, resulting in deletion of the penalty and dismissal of the Revenue's appeal as reported. Case-Laws Income Tax Tue, 25 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466773