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2019 (6) TMI 1221 - HC - Income TaxPenalty u/s 271(1)(c) - assessee had made incorrect claims while filing the return assessee has given incorrect details and when it was cornered, it corrected the mistakes - assessee has given incorrect details and when it was cornered, it corrected the mistakes - Tribunal deleted penalty - HELD THAT:- In case of the assessee, the returned income was ₹ 35.37 crores. In these circumstances, the court is in agreement with the view adopted by the Tribunal that in a case of this magnitude, an error of ₹ 1,30,869/- and ₹ 1,01,956/-, which the assessee had on its own accepted as inadvertent mistake, cannot be said to be deliberate so as to amount to furnishing of inaccurate particulars. Insofar as the penalty in respect of addition made on account of exchange rate fluctuation AO has accepted that the income was booked on capital account by mistake as a result of wrong posting of capital field vouchers in the revenue account. There was a mistake on part of the assessee while filing the return of income. In the opinion of this court, having regard to the findings recorded by the Tribunal, whereby the Tribunal has found the explanation submitted by the assessee to be plausible, which in the opinion of this court is a reasonable view, there is no reason to interfere with the findings recorded by the Tribunal. - Decided against revenue
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