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2018 (11) TMI 691 - ITAT DELHIPenalty u/s 271(1)(c) - violation of Section 13(1)(d) r.w.s. 13(3) and 11(5) - advances made to specified persons - interest free loan given - Held that:- It is an admitted fact that the Auditor duly mentioned in the Audit Report u/s 12A(b) of the Act in Form No. 10B that the loans and advances had been provided to the persons referred to in Section 13(3) of the Act, so it was a good case for making the addition particularly when in the preceding year also, the interest was charged but it cannot be said that the assessee did not disclose all the particulars. However, it made a computation error in its return of income. We, therefore, by keeping in view the ratio laid down in the aforesaid referred to case of CIT Vs Pricewaterhouse Coopers Pvt. Ltd.[2012 (9) TMI 775 - SUPREME COURT], deem it appropriate to delete the impugned penalty levied by the AO and sustained by the ld. CIT(A). - Decided in favour of assessee
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