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 Please become a Premium member. If you are already a Premium member, login here to access the full content.