SC Relieves PwC of Section 271(1)(c) Penalty for Inadvertent & Bonafide Error

Price Waterhouse Coopers Pvt. Ltd. Vs CIT (Supreme Court of India) Supreme Court of India has overturned a penalty imposed on Price Waterhouse Coopers Pvt. Ltd. (PwC) under Section 271(1)(c) of the Income Tax Act, 1961, for an inadvertent error in its income tax return for the assessment year 2000-2001. The apex court found that the imposition of the penalty was not justified given the specific facts of the case. The judgment, delivered by a bench of the Supreme Court, set aside the order of the Calcutta High Court which had upheld the penalty, albeit with a reduced quantum. PwC, a globally re...