No Penalty if the Assessee was bonafide in not taking any income in his return and accepting the assessment order of the AO without any appeal

Case Law Update

No Penalty if the Assessee was bonafide in not taking any income in his return and accepting the assessment order of the AO without any appeal: ITAT, Mumbai

Gangacharan Choudhary Vs. ITO, Mumbai

Date of Pronouncement: 25.05.2018

We are of the considered view that assessee has come forward with a bonafide explanation and the conduct of the assessee is bonafide which takes it out from exigibility of penalty within mandate of penalty provisions as are contained in section 271(1)(c) and hence no penalty is exigible on the assessee keeping in view totality of factual matrix and circumstances of this particular case. Thus, we order the deletion of the penalty levied by the AO u/s 271(1)(c) of the 1961 Act.

Asked on May 28, 2018 in Income Tax.
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