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2010 (4) TMI 799 - ITAT, CHENNAIPenalty u/s 271(1)(c) - tax payable under regular computation as per return of income was nil and under section 115JB the tax payable was Rs. 83,15,934 - The memo of income is prepared through Excel software and the assessee claims that the wrong reporting took place because of error in Excel formula - Excel software has been correctly programmed to do the subtraction operation and has arrived at the correct figure Rs. 8,51,66,606 but with the brackets which is impossible to happen in Excel sheet unless the brackets are deliberately included - Held that: it is not merely a clerical error as claimed by the assessee but deliberate furnishing of inaccurate particulars of income and thereby attracting penal provisions under section 271(1)(c) If the tax payable under section 115JB is nil as mentioned in the report then how in the annexure to the same report can the book profit be Rs. 10,81,45,235 and the income of the company under the Income-tax Act the loss of Rs. 8,62,60,370 - in this case, the explanation offered by the assessee is itself proved to be false because the assessee has not taken any further step in this regard and has simply stated that it may be a computer mistake - this is a clear cut case of "furnishing of inaccurate particulars of income" on which penalty under section 271(1)(c) of the Act is exigible - Decided against the assessee
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