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2019 (7) TMI 545 - HC - Income TaxPenalty levied u/s 271(1)(c) - Assessee had claimed the unpaid interest to the schedule bank in its profit and loss account and failed to disallow the same u/s 43B(e) - No Revised Return - whether Assessee has proved that the furnishing of inaccurate particulars leading to incorrect claim of expenditure was inadvertent - HELD THAT:- Admittedly, the case on hand is not a case of survey, but it is a case where the assessee having come to know about the same, after the Assessing Officer pointed it out, immediately filed petition for rectification u/s 154 along with explanation stating that it is an inadvertent error. The decision in the case of Price Waterhouse Coopers Private Limited [2012 (9) TMI 775 - SUPREME COURT] is also identical where in the tax audit report filed by the assessee, it was indicated that provision towards payment of gratuity was not allowable, but the assessee therein failed to add the said provision to total income. Considering the said fact, the Hon'ble Supreme Court held that no penalty could be imposed for such mistake. As noted by the CIT(A) as well as the Tribunal, the conduct of the assessee clearly establishes that it is an inadvertent error and cannot be stated to be a contumacious conduct on the part of the assessee and cannot be stated to be with an intention to understate his income by furnishing inaccurate particulars. - Decided against revenue
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