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2022 (10) TMI 1052 - HC - Income TaxPenalty u/s 271(1)(c) - Assessee furnishing inaccurate particulars of income in respect of the addition made on account of disallowance of interest expenses - ITAT deleting the penalty levied - HELD THAT:- As in view of finding of fact arrived at by the Tribunal to the effect that the assessee on realisation of the mistake, has rectified the same by offering the provision for interest of Rs. 11.90 crores as prior period income in subsequent year and therefore, in view of such necessary correction done by the assessee on detecting the mistake pointed out by the Assessing Officer during the assessment proceedings for the year under consideration, it can be inferred that there is no mensrea on part of the assessee so as to attract the penalty under section 271(1) (c) of the Act. We are therefore, of the opinion that no interference is required to be made in the impugned order passed by the Tribunal as no question of law much less any substantial question of law proposed or otherwise arise from the impugned order of the Tribunal. Revenue appeal dismissed.
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