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2019 (4) TMI 1600 - AT - Income TaxPenalty u/s 271(1)(c) - bonafide mistake committed by the assessee in declaring less income in the return - additional income offered by the assessee voluntarily in response to the notice received u/s 143(2) - two balance sheets and trading and profit and loss accounts were submitted by the assessee - HELD THAT:- As rightly contended by the assessee, there is nothing on record to indicate that this additional income was offered by the assessee as a result of any investigation or detection made by the AO and since the addition was made by the AO on the basis of the financial statements prepared and furnished by the assessee, we find merit in the contention of assessee that the additional income was offered by the assessee voluntarily to rectify the bonafide mistake committed inadvertently. We are of the view that the assessee cannot be said to have concealed particulars of his income or furnished inaccurate particulars of such income so as to attract the penal provision of section 271(1)(c) of the Act. In that view of the matter, we cancel the penalty imposed by the AO u/s 271(1)(c) and confirmed by the Ld. CIT(A) and allow this appeal of the assessee.
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