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2015 (10) TMI 72 - AT - Income TaxPenalty u/s 271(1)(c) - advance tax written off debited to the P&L - assessee did not dispute the addition of the said amount as it was not disallowed by the assessee itself in the computation of income due to oversight and bonafide mistake - CIT(A) has upheld the levy of penalty on the ground that the assessee has made a false claim in the return of income and it was not a bonafide mistake but the assessee has concealed its income - Held that:- Hon'ble Supreme Court in the case of Price Waterhosue Coopers Pvt. Ltd. (2012 (9) TMI 775 - SUPREME COURT) while dealing with an identical situation and in the case of CIT Vs. Beneettee Coleman [2013 (3) TMI 373 - BOMBAY HIGH COURT] to held that the bona fide inadvertent mistake is accepted as reasonable and bona fide explanation for the purpose of section 271(1)(c) and in terms of explanation 1(B) to section 271(1). In view of the above discussion as well as fact and circumstances of the case, we are of the view that the case of the assessee falls under the bonafide and inadvertent mistake and, therefore, the explanation of the assessee is a bona fide explanation in terms of Explanation 1(B) of section 271(1). Accordingly, the penalty levied u/s 271(1)(c) is not sustainable, hence deleted. - Decided in favour of assessee.
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