TMI Blog2019 (5) TMI 627X X X X Extracts X X X X X X X X Extracts X X X X ..... D THAT:- Error occurred because of figures automatically picked up by the system itself. Thus, the assessee disclosed all the facts in the computation. It, therefore, appears that it was an inadvertent mistake. The explanation of assessee shows that there was unabsorbed depreciation in preceding AY 2005-06 which was claimed in assessment year under appeal i.e. 2006-07 u/s 139(1) While filing the return of income for assessment year under appeal i.e. 2006-07 u/s 153C, the same figure of unabsorbed depreciation has been picked up by the system. Therefore, it is a mistake on the part of the assessee in taking the same figure while filing the return of income u/s 153C of the Act. However, all the facts relating to unabsorbed depreciation wer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 40 lakhs was seized. The statement u/s 132(4) was recorded of Shri L.K. Singh in which he has stated that money was withdrawn from the bank account of Oriental Bank of Commerce, New Delhi belonging to assessee company of which Shri L.K. Singh was the Managing Director. Notice u/s 153C was issued to the assessee company and assessment was finalized u/s 153C read with section 143(3) of the Act dated 15.12.2009. The AO in the assessment order made an addition of ₹ 9,85,108/-. The AO on an examination of a return of income and submission of the assessee found that above amount was carried forward by the assessee in the return filed u/s 139 of the Act for AY 2005-06 as the income shown by the assessee u/s 115B for that asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xplanation of the assessee and levied the penalty on the above addition. The Ld. CIT(A) dismissed the appeal of assessee. 5. After considering the rival submissions, we are of the view that penalty is not leviable in the matter. The assessee submitted before AO at the penalty stage that while preparing the computation of total income on the computer system during the AY 2005-06, there was unabsorbed depreciation which was carried forward to the succeeding year i.e. AY 2006-07 in the original return which was filed u/s 139(1) of the Act. It was also explained that while preparing computation of income for AY 2006-07 in appeal in respect of the return to be filed u/s 153C, the same brought forward balance of ₹ 9,85,108/- ..... X X X X Extracts X X X X X X X X Extracts X X X X
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