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2018 (3) TMI 1466 - HC - Income TaxImposition of penalty u/s 271(1)(c) - deliberate claim of loss of sale though the same was not an actual state of affairs - reason given by the assessee that the assessee was advised by the Chartered Accountant - Held that:- The Tribunal in its order relied on the Judgment of the Apex Court in a case of Dilip N. Shroff Vs. JCIT and another (2007 (5) TMI 198 - SUPREME Court) and observed that there has to be a conscious concealment on the part of the assessee and that a mistake in not returning any income by itself would not constitute reason enough for imposition of penalty. The Tribunal has accepted the contention of the assessee on the basis of the affidavit filed by the Chartered Accountant / advisor that he gave wrong advise and the situation were explained about the bona-fide error being committed with regard to the applicability of the provision of law. The benefit was claimed on the basis of the deleted provision wherein the assessee had debited the amount to the profit and loss account on account of loss of sale of vehicles. The assessee was not entitled for it as it was not engaged in driving of vehicles. It would also be clear that the survey was made only on 10th February, 2004 and on the basis of the same the matters were taken up for assessment years 1999-2000, 2000-2001, 2001-2002, 2002-2003 and 2003-2004. The Tribunal on merits has taken a plausible view. No substantial question of law.
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