HC deletes penalty for wrong entry by staff due to voluminous transactions

PCIT Vs Harish Kumar HUF (Delhi High Court) It is not disputed by the learned counsel for the Tribunal that the Respondent herein had voluntarily filed the revised return on 15th December, 2017 duly disclosing the disallowance of the dividend in terms of Section 94(7) of the Act and revised its returned income to Rs. 2,33,81,340/-. It is also admitted that the Respondent has upon receipt of the assessment order issued by the AO deposited the enhanced amount of tax and the Respondent had not challenged the assessment order. The Respondent, at the first instance, admitted its mistake in computat...