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/- towards loss on sale of motor car in its profit and loss account but omitted to disallow the same while computing the total income from business. Assessee submitted that it was a genuine omission on the part of the assessee and the entire details for making the addition / disallowance was very much available in the return of income filed by the as...