Bonafide mistake in Disclosure of income under wrong head – No penalty u/s 271(1)( c)

Brief of the case:

ITAT New Delhi held in Simran Singh Gambhir Vs DDIT International Taxation that if the assessee had disclosed the income by mistake under wrong head of income and that mistake was bonafide then the same could not be treated as an undisclosed income and penalty u/s 271(1)(c) could not be levied.

Penalty u/s 271(1)(c) could only be levied if the assessee had not disclosed the income. In this case as the assessee had disclosed his inco

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