Penalty u/s 271(1)(c) not leviable on Bonafide Mistake: ITAT [Read Order]

Penalty - ITAT - taxscan

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT)held that penalty under section 271(1)(c) is not leviable on a bonafide mistake.  Central News Agency Pvt Ltd, the assessee’s total income/loss was determined at (48,71,176)/-; as against the returned loss of Rs.50,39,439/- by the assessment order where the addition of Rs.1,68,263/- was made on account…

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Central News Agency Pvt. Ltd vs DCIT

Counsel for Appellant:   Sh. Ranjan Chopra,

Counsel for Respondent:   Sh. R. S. Yadav


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