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2016 (3) TMI 821 - AT - Income TaxPenalty u/s 271(1)(c) - Held that:- CIT (A) while confirming the penalty imposed by the Assessing Officer, has over looked the facts that the assessee has filed revised return when the assessee company itself came to the knowledge that there was an error in its return for A.Y 2003-04. The fact that company has at no stage hidden or intentionally acted which shows that they have deliberately filed the inaccurate, inadequate returns u/s 271(1)(c). If there is any inaccurate particulars of income furnished with intention then that has to be penalized but in present case, there was no such intention in the present case. The CIT (A)’s finding that the assessee is guilty of furnishing inaccurate particulars of income is in appropriate as the Assessing Officer at any point of time has not scrutinized 2003-04 of the assessment on records and issued any notice before the filing of revised return. Thus, when the error was known to the assessee, the assessee itself has filed the revised return this act shows that it is not intentional furnishing of inaccurate particulars of income on behalf of the assessee. The case laws placed before us are also in support of the assessee’s case. - Decided in favour of assessee
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