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2017 (12) TMI 1712 - AT - Income TaxPenalty levied u/s. 271(1) (c) - omission to make a suo-motu disallowance u/s.43B(e) - AO put the assessee on notice as to how it could claim interest on loans taken from HDFC when such amount was not actually paid - HELD THAT:- Assessee had offered the sum as income in the subsequent assessment year considering it as a cessation of liability. Interest to the extent of ₹ 1,55,00,000/- debited in Profit and Loss found specific mention in the Audit Report and Annual Accounts also. Thus, the omission to make a suo-motu disallowance u/s 43B(e) was in our opinion inadvertent and not with an intention of understating the income. That apart, assessee having mentioned the amount in its Audit Report and Annual Accounts, we cannot say that the particulars furnished by it were inaccurate. In our opinion, CIT (Appeals) was justified in relying the case of Price Waterhouse Coopers [2012 (9) TMI 775 - SUPREME COURT] for deleting the penalty levied on the assessee. We do not find any reason to interfere with the order of the ld. Commissioner of Income Tax (Appeals). - Decided in favour of assessee.
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