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2014 (5) TMI 928 - AT - Income TaxPenalty u/s 271(1)(c) of the Act – Disallowance of deferred revenue expenses - Bonafide inadvertent omission in not adding the book amount in the computation of income – No concealment of income – Held that:- The assessee is a public section undertaking who on being called forth to explain its claim after offering its explanation accepted that a mistake had crept into its claim which was duly accepted leading to the addition being made – Relying upon COMMISSIONER OF INCOME-TAX Versus RELIANCE PETROPRODUCTS PVT. LTD. [2010 (3) TMI 80 - SUPREME COURT] - making incorrect claim per se does not constitute furnishing of inaccurate particulars of income - all the necessary facts are disclosed merely because an incorrect claim has been made, the action of the CIT(A) in upholding the action of the AO cannot be upheld - the explanation offered by the assessee is a bona fide explanation which in the absence of anything to the contrary ought to have been accepted – thus, the penalty imposed is set aside – Decided in favour of Assessee.
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