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2014 (12) TMI 477 - HC - Income TaxDeletion of penalty u/s 271(1)(c) Onus discharged by assessee or not Misinterpretation of section 115JB by assessee - Held that:- The Tribunal was rightly of the view that the assessee had discharged the onus and established their bona fides for the purpose of Explanation 1 to Section 271(1)(c) assessee through Affidavit accepting his fault that he had misunderstood and misinterpreted the provisions of Section 115JB of the Act - computation made by the Chartered Accountant in this case in Form No. 29B was erroneous and he had owned his fault and mistake - This was the first year when Section 115JB was made applicable to companies covered by Section 10A of the Act - the explanation and conduct of assessee did not reflect any attempt to propound an excuse which was sham or a ruse - The reason given was not a device to cover an ulterior purpose - The mistake made by the Chartered Accountant was a result of a human error in correctly interpreting and applying the complex interconnect between two sections. The error was bona fide relying upon Price Waterhouse Coopers Private Limited versus CIT [2012 (9) TMI 775 - SUPREME COURT], the order of the Tribunal is upheld Decided against revenue.
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