https://www.taxtmi.com/caselaws?id=798208 Penalty for concealment or furnishing inaccurate particulars does not arise merely because returned income differs from assessed income. An amount omitted from a return filed under section 153A, but previously assessed, taxed and accepted, may constitute a bona fide oversight where no related search material exists, no fresh addition is made in the section 153A assessment, and no refund of tax is claimed. Explanation 1 does not apply solely because of the omission if the explanation is bona fide and material facts were already available in departmental records. Such an inadvertent error does not amount to concealment or inaccurate particulars. en-us Mon, 31 Aug 2026 00:00:00 +0530 Thu, 03 Sep 2026 08:20:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798208 Penalty for concealment or furnishing inaccurate particulars does not arise merely because returned income differs from assessed income. An amount omitted from a return filed under section 153A, but previously assessed, taxed and accepted, may constitute a bona fide oversight where no related search material exists, no fresh addition is made in the section 153A assessment, and no refund of tax is claimed. Explanation 1 does not apply solely because of the omission if the explanation is bona fide and material facts were already available in departmental records. Such an inadvertent error does not amount to concealment or inaccurate particulars. Case-Laws Income Tax Mon, 31 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798208