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2019 (5) TMI 627 - AT - Income TaxLevy of penalty u/s 271(1)(c) - unabsorbed depreciation carry forward - depreciation were available to the AO in the return filed u/s 139(1) and return filed u/s 153C - explanation of assessee shows that there was unabsorbed depreciation in preceding AY 2005-06 which was claimed in assessment year under appeal i.e. 2006-07 u/s 139(1) of the Act. However, while filing the return of income for assessment year under appeal i.e. 2006-07 u/s 153C, the same figure of unabsorbed depreciation has been picked up by the system. Therefore, it is a mistake on the part of the assessee in taking the same figure while filing the return of income u/s 153C - HELD THAT:- Error occurred because of figures automatically picked up by the system itself. Thus, the assessee disclosed all the facts in the computation. It, therefore, appears that it was an inadvertent mistake. The explanation of assessee shows that there was unabsorbed depreciation in preceding AY 2005-06 which was claimed in assessment year under appeal i.e. 2006-07 u/s 139(1) While filing the return of income for assessment year under appeal i.e. 2006-07 u/s 153C, the same figure of unabsorbed depreciation has been picked up by the system. Therefore, it is a mistake on the part of the assessee in taking the same figure while filing the return of income u/s 153C of the Act. However, all the facts relating to unabsorbed depreciation were available to the AO in the return filed u/s 139(1) of the Act and return filed u/s 153C of the Act. In the case of Price Water House Coopers Pvt. Ltd. Vs. CIT [2012 (9) TMI 775 - SUPREME COURT] cancelled the penalty because the claim of gratuity was not allowable deduction which was inadvertent silly mistake on the part of the assessee - nature of addition made by the authorities below, we are of the view that it is not a fit case for levy of penalty u/s 271(1)(c) of the Act. We, accordingly, set aside the orders of the authorities below and cancel the penalty. - Appeal of assessee is allowed.
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