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2019 (4) TMI 617 - AT - Income TaxPenalty u/s. 271(1)(c) - non-availability of separate calculation of interest on refund and other technical fault - bifurcation of interest amount and tax amount refunded to the assessee - minor difference on account of contractual receipt - HELD THAT:- No separate information about the interest and tax element of refund has been provided in Form No. 26AS issued to the assessee. Therefore, as per page no. 10 & 11 of the paper book the assessee has made working of interest receivable on the refund on estimated basis as per the material on record. In respect of difference of ₹ 6,844/- in contractual receipt it is noticed that as per actual contract the total contract receipt was to the amount of ₹ 15,44,92,552/- whereas the contract receipt shown by the assessee was at ₹ 15,44,85,708/-;after taking into account the huge volume of contract receipt minor difference of ₹ 6,884/- for want of reconciliation in the account of the assessee and in the account of the contractee R & B Department of Gujarat is not a case of furnishing inaccurate particular of income. Non-availability of separate calculation of interest on refund and other technical fault as explained above. CIT(A) is not justified in sustaining the penalty u/s. 271(1)(c) levied by the AO. Appeal of the assessee is allowed.
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