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2014 (1) TMI 1073 - AT - Income TaxPenalty u/s 271(1)(c) - Held that:- It is apparent that the assessee's counsel (Chartered Accountant Firm) has failed to get the record dates and accordingly failed to calculate correct disallowance - The above addition in this regard arose neither because of concealment or furnishing of inaccurate particulars by the assessee, but due to mistake on the part of the assessee's counsel - Following Price Waterhouse Coopers Pvt. Ltd. vs. C.I.T. and Anr. [2012 (9) TMI 775 - SUPREME COURT] - The counsel should have been careful but the absence of due care, in a case such as the present, did not mean that the assessee was guilty of either furnishing inaccurate particulars or attempting to conceal its income - Mensrea was a essential requirement of penalty u/s 271(1)(c) - The imposition of penalty on the assessee was not justified - Decided in favour of assessee.
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