The ITAT bench of Ahmedabad has deleted the penalty under section 271(1)(c)

The ITAT bench of Ahmedabad has deleted the penalty under section 271(1)(c)

The ITAT bench of Ahmedabad has deleted the penalty under section 271(1)(c) of the Income Tax Act on the ground that there was no will full attempt to conceal the income because the assessee has rectified the income while filing the return under section 148 of the Act and also paid due tax on such income. The tribunal place reliance on the judgment of Hon’ble Gujarat High Court in case of PCIT vs. Gujarat State Electricity Corporation Ltd. reported in 144 taxmann.com 165 where the Hon’ble court held that in no penalty can be imposed where the assessee made bona fide mistake and corrected the same on realization of mistake.



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