ITAT Deletes Rs.22.93 Lakh Penalty on Builder, Cites Auditor’s Mistake & Lack of Intent to Evade Tax

The ITAT deleted a penalty of ₹1 lakh on a builder, citing an auditor's mistake and a lack of intent to evade tax. The tribunal acknowledged that the error in tax computation was attributable to the auditor and that there was no evidence to suggest the builder deliberately intended to avoid paying taxes. This ruling highlights the importance of considering the intent of the assessee when imposing penalties and provides relief when errors are unintentional and due to professional oversight.