Taxpayer Rectifies Excess Salary Income Declaration with Revised Return: ITAT deletes Penalty u/s 271(1)(c)

The Income Tax Appellate Tribunal (ITAT) deleted a penalty imposed under Section 271(1)(c) after a taxpayer corrected an excess salary income declaration by filing a revised return. The tribunal recognized the taxpayer's proactive correction as a mitigating factor, emphasizing that penalties should not be imposed when errors are voluntarily rectified. This ruling encourages taxpayers to correct their filings without fear of punitive action, supporting a fair tax compliance environment.