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2017 (6) TMI 73 - ITAT AHMEDABADPenalty u/s. 271(1)(c) - at the time of preparing the Return of Income, entry of Short Term Capital Gain are done in the Short Term Capital Gain on Shares instead of Short Term Capital Gain other than Shares - Held that:- Intention of the assessee is not to hide any income and any particulars but there is Data Entry mistake done by the Tax Practitioner only that please note. The intention of the assessee is not to hide and / or avoid any particulars in his books accounts but is a genuine human mistake. There is no intention of the assessee to hide the tax and income and he doesn't get any benefit. He recorded all the accounting entries in his books as well as paid the tax as he is liable for. But due to the human mistake i.e. at the time of passing the accounting entries by an accountant and calculation mistake of Tax Practitioner at the time of calculating the tax. See Price Waterhouse Coopers (P.) Ltd. vs. Commissioner of Income Tax, Kolkata-I [2012 (9) TMI 775 - SUPREME COURT ] wherein held the calibre and expertise of the assessee has little or nothing to do with the inadvertent error. 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. Imposition of penalty on the assessee is not justified - Decided in favor of assessee
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