https://www.taxtmi.com/caselaws?id=792259 Penalty under section 271(1)(c) was deleted on both disputed additions because the deemed valuation addition relating to tenancy rights, made under section 50C, did not by itself establish culpable conduct, and the same reasoning applied to the fixed-deposit interest addition. The interest was omitted from the return inadvertently, and acceptance of the quantum addition or withdrawal of the appeal did not make penalty automatic. The Tribunal held that each item must be examined separately and that penalty cannot be imposed mechanically merely because an addition survives in assessment. en-us Thu, 30 Apr 2026 00:00:00 +0530 Tue, 26 May 2026 08:24:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792259 Penalty under section 271(1)(c) was deleted on both disputed additions because the deemed valuation addition relating to tenancy rights, made under section 50C, did not by itself establish culpable conduct, and the same reasoning applied to the fixed-deposit interest addition. The interest was omitted from the return inadvertently, and acceptance of the quantum addition or withdrawal of the appeal did not make penalty automatic. The Tribunal held that each item must be examined separately and that penalty cannot be imposed mechanically merely because an addition survives in assessment. Case-Laws Income Tax Thu, 30 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792259