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2018 (6) TMI 1043 - ITAT KOLKATAPenalty u/s 271(1)(c) - inadvertent mistake by accountant as long term capital loss has been reduced and short term capital loss has been inflated - rectification made in revision of return - bonafide inadvertent error - Held that:- Assessee admitted the fact of committing the said mistake by his accountant and immediately rectified the same and which was accepted by the AO u/s. 147 re-assessment proceedings - in the case of Price Waterhouse Coopers Pvt. Ltd Vs. CIT [2012 (9) TMI 775 - SUPREME COURT] held that an inadvertent and bona fide error and had not intended to or attempted to either conceal its income or furnish inaccurate particulars and that can be described as human error - thus it was human error, but does not mean that the assessee is guilty of either furnishing inaccurate particulars or attempting to conceal its income - CIT-A was not justified in confirming the penalty imposed by the AO u/s 271(1)(c) and is cancelled - Decided in favor of assessee.
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