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2013 (3) TMI 656 - HC - Income TaxPenalty under Section 271(1)(c) - Held that:- Tribunal deleted the penalty as it found that this was a case of bona fide clerical error while computing the tax liability in the process of filing its return of income. However, as the same was rectified by the respondent - assessee on its own before the assessment was finalized, penalty was not justified. The fact of the clerical error was also fortified by the fact that the advance tax had been paid by the respondent - assessee at the rate of 30% and not at the rate of 10%.
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