No Income Tax Penalty if Assessee forgot to show Salary income in ITR : ITAT

Whether Income Tax Penalty can be imposed if the employee forgot to show Salary income in ITR because Form 16 was misplaced?

The assessee did not suppress the fact that no income incurred as such, but however it is reflected in Form 26AS data which is otherwise a salary data and TDS deductions are available for examination to the AO. Therefore, in our considered opinion as contended by the AO that it was not furnishing of inaccurate particulars but it can only be oversight the assessee could not offer the same. On such circumstances, the explanation as offered by the assessee is bonafide. Thus, when it is not furnishing of inaccurate particulars, levy of penalty u/s 271(1)(c) of the Act for furnishing inaccurate particulars does not arise.