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No Penalty Is Leviable U/s 271(1)(C) If Bona Fide Mistake In Original Return Was Corrected By Revised Computation During Assessment: Mumbai ITAT
9 months, 1 week ago

No Penalty Is Leviable U/s 271(1)(C) If Bona Fide Mistake In Original Return Was Corrected By Revised Computation During Assessment: Mumbai ITAT

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On finding that assessee had made bona fide mistakes in the computation of its total income while filing its original return, which were later corrected by filing revised computation during assessment proceedings, the Mumbai ITAT deleted the penalty levied u/s 271 of the Income Tax Act. The Bench of the ITAT comprising of Sandeep Singh Karhail and Prashant Maharishi observed …

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