Penalty u/s 271(1)(c) not leviable on committing bona fide mistake

Deco Mica Limited Vs JCIT (ITAT Ahmedabad) Held that the mistake in not adding back the loss on sale of fixed assets in computation of income was a bona fide mistake inadvertently. Accordingly, penalty u/s 271(1)(c) not imposed. Facts- The assessee is a company engaged in the business of manufacturing and trading in laminated sheets. In the assessment completed under Section 143(3) of the Act vide an order dated 22.11.2017, the total income of the assessee was determined by the Assessing Officer at Rs.1,21,41,220/- after making an addition of Rs.3,25,499/- on account of loss on sale of assets ...