Penalty u/s 271(1)(c) Deleted – Bona Fide Computational Errors & Voluntary Disclosure During Assessment

Gopalkrishna Narla Rao Vs ITO (ITAT Mumbai) Penalty u/s 271(1)(c) Deleted – Bona Fide Computational Errors & Voluntary Disclosure During Assessment AO levied penalty of ₹6.17 lakh u/s 271(1)(c) alleging furnishing of inaccurate particulars, as assessee offered additional income during assessment. CIT(A) confirmed the penalty. ITAT held: • Additional income offered voluntarily during assessment Assessee filed revised computation upon noticing errors • Errors were bona fide & computational in nature Double claim of housing loan interest Incorrect head of...