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2016 (9) TMI 1367 - AT - Income TaxPenalty levied u/s 271(1)(c) - claim made under section 80HHB - bonafide and inadvertent error - Held that:- The assessee has furnished all the details of expenditure as well as income in its return for assessment. There was no finding of the assessing authority that any of the details supplied by the assessee in its return were found to be incorrect or erroneous or false. It is an admitted fact that only on the inadvertent mistake of the Chartered Accountant, the assessee has made a claim under section 80HHB of the Act. Apart from the assessee, even the Assessing Officer who framed the original assessment order made a mistake in overlooking the contents of the tax audit report and the tax audit report suggest that there is no question of the assessee concealing its income. There is also no question of the assessee furnishing any inaccurate particulars. All that happened in the present case is that through a bonafide and inadvertent error, the C.A. failed to note the ceiling in respect of amount credited by the assessee to foreign project reserve account while computing the deduction under section 80HHB of the Act, that by itself would not, in our considered opinion, attract the penalty under section 271(1)(c) of the Act. Our above view has been duly fortified by the Hon’ble Supreme Court in the case of Price Waterhouse Coopers Private Ltd vs. CIT (2012 (9) TMI 775 - SUPREME COURT ) - Decided in favour of assessee.
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