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2015 (7) TMI 433 - ITAT MUMBAIPenalty u/s 271(1)(c) - assessee had two opportunities to add back this amount to its returned income. First when it filed the return of income, the assessee could have revised the return of income and secondly, when it filed return of income in pursuance to the notice u/s 148 of the Act. The assessee agreed for the addition only when it was pointed out by the AO during the course of reassessment proceedings regarding its claim in respect of a capital loss. Merely because, the assessee did not preferred any appeal against the said disallowance does not make it an inadvertent mistake. - It appears that the assessee was taking a chance whether its return would be selected for scrutiny assessment or not. Once, the return was accepted u/s 143(1) of the Act, the assessee took a sigh of relief without realizing that its return can be to be re-opened u/s 147 of the Act. Even after receiving notice u/s 148, the assessee continued to take a chance but this time could not get any success. - Following decision of Zoom Communication (P) Ltd [2010 (5) TMI 34 - DELHI HIGH COURT] - Penalty amount reduced - Decided partly in favour of Revenue.
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