CASE LAW: PENALTY U/S 271(1)(c)

Calcutta High Court deletes penalty u/s 271(1)(c) on assessee firm stating that, though there is inaccuracy in the statement of income to the extent of Rs.91,000/- , it does not appear that, the assessee had any intention of evading tax, as the aforesaid amount, if shown as income would still show a loss return. Relies on the Apex court ruling in PWC case, wherein it was held that, an inadvertent mistake in the calculation of income would not be construed as furnishing inaccurate particulars as concealment thereof.

Reference: (TS-341-HC-2018(CAL))