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2019 (8) TMI 1633 - AT - Income TaxPenalty u/s 271(1)(c) - Disallowance of loss on sale of fixed asset (motor car)’and prior period expenses - HELD THAT:- No dispute that assessee accepted both the additions / disallowances voluntarily during the course of assessment. It is further not in dispute that no further appeal is filed by the assessee against such additions. In reply to the show cause notice under section 274 rws 271(1)(c) the assessee has explained that there was no malafide intention to conceal the income or particulars of income, the addition has been accepted in full. Hon’ble Supreme Court in the case of Price Water Coopers Pvt Ltd (PWC) [2012 (9) TMI 775 - SUPREME COURT] held that when the assessee due to bonafide and inadvertent error, the assessee while submitting its return, failed to add the provision of gratuity to its total income, the assessee should have been careful but the absence of due care in a case such as present one did not mean that assessee was guilty of either furnishing inaccurate particulars or attempting to conceal the income. - Decided in favour of assessee.
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