No penalty u/s 271(1)(c) if the mistake was bonafide

Central News Agency Pvt. Ltd. Vs DCIT (ITAT Delhi) Conclusion: Penalty was not leviable as assessee made a computational error in not disallowing 1/6th out of expenses on car amounting to aforesaid Rs.1,63,263/- being 1/6th out of motor car expenses however assessee’s claim was accepted that this computational error was due to oversight and inadvertent mistake, and that the error was a bonafide one. Held: In the instant case, 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...