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2016 (8) TMI 323 - AT - Income TaxPenalty u/s 271(1)(c)- addition made under section 68 - Held that:- The appellant has shown correct business income in their return of income. He has not filed any inaccurate particulars of income because in the computation part, the income has been shown correctly and no such ambiguity is pointed out therein. Schedule CYLA and BFLA is with respect to the adjustment of income as per provisions of the IT Act. The assessee has also filed return for the assessment year 2008-09 in which also, the assessee has not taken any benefit of the above amount of difference of ₹ 7,86,721/-. In presence of these facts, in our considered opinion, the contention of the assessee cannot be straightway rejected that such error may occur due to software problem. We, therefore, find that the assessee is not liable for penalty for furnishing inaccurate particulars of income in the peculiar facts and circumstances of the present case. As a result, the appeal of the assessee is found to have merit - Decided in favour of assessee.
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