2022 (6) TMI 1298

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..... the assessee is directed against the order passed by the CIT(A) on 11-03-2020 confirming the penalty of Rs.24,37,233 imposed by the Assessing Officer (AO) u/s 271(1)(c) of the Income-tax Act, 1961 (hereinafter referred to as 'the Act') in relation to the assessment year 2014-15. 2. Briefly stated, the facts of the case are that the assessee debited to its Profit & loss account - Education cess on .....

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..... d gone through the relevant material on record. It is apparent from the assessment order itself that the assessee, when pointed out by the AO, admitted its inadvertent mistake in not adding back the above amounts totalling to Rs.78.26 lacs in the computation of total income, which were debited to the Profit & loss account. It is clear from the nature of the amounts and the way of their depiction t .....

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..... lty which occurred due to bona fide and inadvertent mistake of the Chartered Accountant while filing the return. Since the facts and circumstances of the instant case amply show that the excess claim of deduction was due to bona fide and unintentional mistake, respectfully following the precedents, we order to delete the penalty. 4. In the result, the appeal is allowed. Order pronounced in the O .....

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