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2020 (10) TMI 939 - AT - Income TaxPenalty levied u/s 271(1)(c) - Defective notice - non strike down inapplicable portion - incorrect computation of book profit u/s 115JB - HELD THAT:- Incorrect computation of book profit has happened due to erroneous filling up of data in the return of income. The same is a bonafide and inadvertent error. In the case of Price waterhouse coopers P Ltd [2012 (9) TMI 775 - SUPREME COURT] considered the validity of penalty levied on bona fide mistakes imposition of penalty on the assessee is not justified. We are satisfied that the assessee had committed an inadvertent and bona fide error and had not intended to or attempted to either conceal its income or furnish inaccurate particulars. In our view, the decision of Hon’ble Supreme Court would come to the help of the assessee in the facts and circumstances of the case. Accordingly, we hold that the imposition of penalty on the assessee is not justified. Appeal of the assessee is allowed.
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