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2018 (7) TMI 832 - ITAT HYDERABADPenalty u/s. 271(1)(c) - set off of losses and depreciation - Held that:- It seems the mistake has happened in earlier year and assessee bonafidely claimed during the year even though advance tax to a larger amount was paid, which was claimed as refund. Since the mistake, in my opinion is bonafide and further the set off of losses and depreciation can also be modified on the basis of record u/s. 154, the facts does not lead to levy of penalty u/s. 271(1)(c) and the same does not come within the concept of ‘concealment of income’ or ‘furnishing of inaccurate particulars’ during the year. For the mistake committed in AY. 2011-12 which AO has not modified in that year, no penalty can be levied during this year for the reason that the computation of income relied on claim made in AY. 2011-12. The penalty laid u/s. 271(1)(c) of the Act is therefore deleted. - Decided in favour of assessee.
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