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2021 (10) TMI 783 - AT - Income TaxPenalty levied u/s. 271(1)(c) - addition made on account of disallowance under the normal provision of the Income Tax Act - HELD THAT:- We have also gone through the judicial pronouncement of Price Waterhouse Coopers (P) Ltd. [2012 (9) TMI 775 - SUPREME COURT] wherein held that assessee firm filed its return of income. It was a bonafide and inadvertent error. Assessee was not guilty of either furnishing inaccurate particulars or attempting to conceal its income, imposition of penalty was unjustified - assessee had accounted the provision for interest twice by mistake on which the Assessing Officer has levied penalty for furnishing inaccurate particulars of income. As noticed that assessee itself shown the said expenditure as income in the subsequent assessment year 2009-10 and demonstrated from the copy of return that the same was filed on 30th Sep, 2008 before detecting the discrepancy under scrutiny assessment. Therefore, necessary correction has already been done by the assessee before detecting the mistake pointed out by the Assessing Officer in the assessment proceedings for the year under consideration - We consider that decision of ld. CIT(A) in sustaining the impugned penalty is not justified. Therefore, we direct the Assessing Officer to delete the impugned penalty. Accordingly, this appeal of the assessee is allowed.
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