9911796707
TMI Blog2024 (3) TMI 1124X X X X Extracts X X X X X X X X Extracts X X X X ..... sessment Year 2011-12. 2. The only issue raised by the assessee is that the Ld. CIT(A) erred in confirming the penalty of Rs. 13,83,130/- under the provisions of section 271(1)(c) of the Act. 3. The assessee in the year under consideration has claimed loss on sale of machinery amounting to Rs. 43,72,582/- which was not eligible for deduction in the profit and loss account and therefore penalty was levied by the AO at Rs. 13,83,130/- being 100% of tax amount sought to be evaded on account of furnishing inaccurate particulars of income. On appeal, the Ld. CIT(A) was also pleased to uphold the order of the AO. 4. Being aggrieved by the order of Ld. CIT(A), the assessee is in appeal before us. 5. The Ld. AR before us submitted that the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the other hand omitted to make the addition on the loss of sale of machinery to the total income of the assessee. Thus, we find there is a contradictory stand taken by the assessee as evident from the financial statement and computation of income. This contradictory stand of the assessee gives reason to believe that such mistakes has been committed by the assessee due to oversight and inadvertently, therefore we are of the view that the assessee should not made to suffer if such bona-fide mistake is committed by the assessee. In holding so, we draw support and guidance from the order of the Coordinate bench of Delhi ITAT in the case of Best Buildwell (Pvt) vs. DCIT vide ITA No. 5167/Del/2013, dated 04.03.2016 which held as under: a. Deci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... said amount was omitted in the computation. We find that in the copy of the Income-tax computation, the said disallowance had been mentioned but inadvertently the amount was omitted. 20. We are of the opinion, given the peculiar facts of this case, that the imposition of penalty on the assessee is not justified. We are satisfied that the assessee had committed an inadvertent and bona fide error and had not intended to or attempted to either conceal its income or furnish inaccurate particulars. Having regard to the above principles laid down, the claim of the assessee could not be regarded either as "false" or not "bonafide" so as to conclude that assessee has furnished inaccurate particulars of income. Therefore, we set aside the orders ..... X X X X Extracts X X X X X X X X Extracts X X X X
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