No Section 271(1)(c) penalty for genuine omissions in Income Tax Returns

Omega Corrugators Pvt. Ltd Vs ITO (ITAT Mumbai)

ITAT Mumbai bench has held that genuine omissions must be excluded from the levy of penalty under section 271 (1)(c) of the Income Tax Act, 1961.

We find that assessee has debited a sum of Rs.3,57,541/- towar

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