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2014 (1) TMI 747 - ITAT AHMEDABADPenalty u/s 271(1)(c) of the Act – Disallowance on account of loss on assets written off and on software expenses – Held that:- The assessee had disclosed the material facts before the AO and CIT(A) - When the assessee has made a particular claim in the return of income and has also furnished all the material facts relevant thereto, the disallowance of such claim cannot automatically lead to the conclusion that there was concealment of particulars of his income by the assessee or furnishing inaccurate particulars - What is to be seen is whether the said claim made by the assessee was bona fide and whether all the material facts relevant thereto have been furnished and once it is so established, the assessee cannot be held liable for concealment penalty under section 271(1)(c) of the Ac - Decision of Price Waterhouse Coopers Pvt. Ltd. Vs. CIT [2012 (9) TMI 775 - SUPREME COURT] followed - a bonafide and inadvertent error, the assessee while submitting its return, failed to add the provision for gratuity to its total income, can only be described as a human error which one is prone to make - Absence of due care does not mean that the assessee is guilty of either furnishing of inaccurate particulars or attempting to conceal its income – Thus, penalty u/s 271(1)(c) could not be levied – Decided in favour of Assessee.
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