Penalty 271(1)(c) - additions on account of donation and ...

Taxpayer's Genuine Errors Corrected, No Penalty for Misreported Donations and Asset Sale Losses.

February 14, 2024

Case Laws Income Tax AT

Penalty 271(1)(c) - additions on account of donation and charity, and on account of loss on sale of assets, which were debited to the profit and loss account - The ITAT held that, assessee made bona fide mistakes in the computation of its total income while filing its original return of income, which were corrected by the assessee by filing the revised computation during the assessment proceedings. Thus it is is not a fit case for the levy of penalty u/s 271(1)(c).

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Penalty 271(1)(c) - additions on account of donation and ...

Taxpayer's Genuine Errors Corrected, No Penalty for Misreported Donations and Asset Sale Losses.

February 14, 2024

Case Laws Income Tax AT

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