Penalty can’t be levied for Genuine Omissions in Income Tax Returns: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that genuine omissions must be excluded from the levy of penalty under section 271 (1)(a) of the Income Tax Act, 1961. During the relevant assessment year, the assessee debited a sum of Rs.3,57,541/- towards loss on the sale of the motor car in its profit […]

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