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2016 (9) TMI 812 - AT - Income TaxPenalty u/s. 271(1)(c) - Held that:- It is a judicially acknowledged fact that the tax laws of this country are complex and complicated and often requires for compliance therewith, the assistance of a tax practitioner specializing in this field. It is possible that mistake could happen by improper understanding of the law and practice. Viewing from this angle coupled with the fact of the voluntary rectification of the mistake by the assessee besides he is declaring the income in the return of next year, we find that the breach is only venial in nature. With this view of the matter, we do not propose to interfere with the finding of the Ld. CIT(A) and sustain the same. We, therefore, answer the issue in the affirmative holding that the deletion of penalty by the CIT(A) does not suffer any illegality or irregularity. - Decided against revenue.
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