TMI Blog2020 (2) TMI 1426X X X X Extracts X X X X X X X X Extracts X X X X ..... ccount as loss on sale of fixed assets. Also the entire tax payment pursuant to the said disallowance made in the assessment had been duly paid by it and the genuine omission made by it should not be penalised. As relying on PRICE WATERHOUSE COOPERS (P.) LTD. [ 2012 (9) TMI 775 - SUPREME COURT] wherei held assessee should have been careful cannot be doubted, but the absence of due care, in a case such as the present does not mean that the assessed is guilty of either furnishing inaccurate particulars or attempting to conceal its income, we hold that this is not a fit case for levy of penalty u/s.271(1)(c). - Decided in favour of assessee. - ITA No.5216/Mum/2018 - - - Dated:- 14-2-2020 - SHRI C.N. PRASAD, JM AND SHRI M. BALAGANESH, A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dings, assessee immediately agreed for disallowance of the same in the assessment. We find that the assessee had duly furnished the entire workings for loss of sale of motor car before the ld.AO voluntarily together with copy of purchase and sale invoice thereon. We find that the ld. AO had disallowed the sum of ₹ 3,57,541/- towards loss on sale of motor car in the assessment and levied penalty proceedings u/s.271(1)(c) of the Act vide order dated 29/06/2016. Before the ld. CIT(A), the assessee submitted that it was a genuine omission on the part of the assessee and the entire details for making the addition / disallowance was very much available in the return of income filed by the assessee together with the audited statement of acco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment order. In that sense, even the Assessing Officer seems to have made a mistake in overlooking the contents of the Tax Audit Report. 19. The contents of the Tax Audit Report suggest that there is no question of the assessee concealing its income. There is also no question of the assessee furnishing any inaccurate particulars. It appears to us that all that has happened in the present case is that through a bona fide and inadvertent error, the assessee while submitting its return, failed to add the provision for gratuity to its total income. This can only be described as a human error which we are all prone to make. The calibre and expertise of the assessee has little or nothing to do with the inadvertent error. That the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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