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2019 (1) TMI 480 - BOMBAY HIGH COURTPenalty u/s 271(1)(c) - deduction u/s 80IA - Held that:- Tribunal accepted the assessee's contention that certain direct expenses were reduced from CFS income inadvertently. As pointed out that the expenses pertaining to indirect expenditure, interest on term loan and depreciation were missed out while claiming original deduction under Section 80IA of the Act. Similarly, inadvertent errors were also made by the auditors who were issued the audit report in prescribed format. However, upon realizing the error, the assessee issued suo motu revised computation of income before the assessing officer during the course of the assessment proceedings. The Tribunal accepted the assessee's contention of bonafide and referred to the decision of the Supreme Court in the case of Price Waterhouse Coopers Pvt Ltd (2012 (9) TMI 775 - SUPREME COURT) and held that the penalty was wrongly imposed - the Supreme Court in the case of CIT Vs. Reliance Petroproducts Pvt Ltd [2010 (3) TMI 80 - SUPREME COURT] has held that every case of rejection of claim would not give rise to penalty proceedings. - Decided in favour of assessee.
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