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2013 (8) TMI 496 - ITAT MUMBAIPenalty to be levied u/s 271(1)(c) of the Income Tax – Mens rea is not present – Held that:- Making an incorrect claim does not tantamount to furnishing inaccurate particulars and that to attract penalty, the details supplied in the return ‘must not be accurate, not exact or correct, not according to the truth or erroneous’ - Facts reveal that details supplied by the assessee did not fall in any of these categories – Delete the penalties u/s 271(1)(c) – Decided in favor of Assessee.
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