Penalty u/s 271(1)(c) Not leviable for Bona Fide Mistake Disclosed Voluntarily

Chhattisgarh State Power Transmission Company Limited Vs DCIT (Chhattisgarh High Court) Conclusion: Penalty under section 271(1)(c) was not leviable as assessee had voluntarily disclosed a bona fide error in their return and assessee had proactively brought the error to the department’s attention and had never attempted to suppress income and that both the tax audit report and the revised return were filed well before the scrutiny assessment commenced. Held: Assessee-a government-owned entity, had initially filed its income tax return for the assessment year 2016-17, declaring nil income aft...