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2020 (2) TMI 1426 - AT - Income TaxLevy of penalty u/s.271(1)(c) - disallowance made towards loss of sale of motor car - assessee has debited a sum towards loss on sale of motor car in its profit and loss account but omitted to disallow the same while computing the total income from business - HELD THAT:- Referring to assessee's submission that it was a genuine omission on the part of the assessee and the entire details for making the addition / disallowance was very much available in the return of income filed by the assessee together with the audited statement of accounts wherein this sum was clearly and separately mentioned in the P & L Account as loss on sale of fixed assets. Also the entire tax payment pursuant to the said disallowance made in the assessment had been duly paid by it and the genuine omission made by it should not be penalised. As relying on PRICE WATERHOUSE COOPERS (P.) LTD. [2012 (9) TMI 775 - SUPREME COURT] wherei held assessee should have been careful cannot be doubted, but the absence of due care, in a case such as the present does not mean that the assessed is guilty of either furnishing inaccurate particulars or attempting to conceal its income, we hold that this is not a fit case for levy of penalty u/s.271(1)(c). - Decided in favour of assessee.
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