Bonafide Mistake in Computing Income Tax is not Furnishing Inaccurate Particulars or Concealment of Income : ITAT Deletes Penalty u/s 271(1)(c) of Income Tax Act [Read Order]

By Ipsita Das - On October 4, 2023 7:30 am - 2 mins read
Bonafide Mistake - Computing Income Tax - Furnishing - Inaccurate Particulars - Concealment of Income - ITAT - Deletes Penalty - Income Tax Act - taxscan

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) held that the standard belief or mistake in computing income tax cannot be termed as furnishing of inaccurate particulars or concealment of income and thus deleted the penalty under Section 271(1)(c) of the Income Tax Act. The assessee Sanjay Chandulal Upadhyay filed its return of income…

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