The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that an inadvertent and bonafide error in return would not attract penalty under section 271(1)(c) of the Income Tax Act, 1961. The assessee disclosed the deduction pertaining to ‘building premises’ under the head ‘block of assets’. During the course of assessment proceedings, the […]
The post Inadvertent and Bonafide Error in Return won’t attract Penalty: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
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