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…
