No penalty for bona fide,inadvertent human error / Silly mistake – SC

SUPREME COURT OF INDIA Price Waterhouse Coopers (P.) Ltd. versus Commissioner of Income-tax, Kolkata – I Civil Appeal No. 6924 of 2012 September 25, 2012 JUDGMENT Madan B. Lokur, J Leave granted. 2. The assessee is aggrieved by a judgment and order dated 18.12.2008 passed by the High Court of Calcutta in ITA No. 120 of 2006. By the impugned judgment, a penalty imposed on the assessee under section 271(1)(c) of the Income-tax Act, 1961 was upheld, though the quantum was reduced. We are of the view that on the facts of the case the imposition was not justified. 3. We are concerned with t...