TMI Blog1980 (7) TMI 128X X X X Extracts X X X X X X X X Extracts X X X X ..... , for the asst. yr. 1974-75. 2. The ITO levied the penalty as according to him the assessee had shown in the trading account purchases of the value of Rs. 2,55,386.71 and in the list of total purchases made, the amount, shown was 2,52,386.71. According to him the assessee had also given the ledger folio number in the list of purchases. The ITO who levied the penalty has recorded that the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cts and circumstances of the case, the penalty is cancelled and the ITO is directed to refund the amount of penalty if already collected by him". 4. Now the grievance of the Revenue before us is that the AAC erred in deleting the penalty as he failed to take note of the fact that if incorrect totalling of purchases were intentional as it could have been detected while preparing the balance shee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efore was rightly cancelled by the AAC. 6. After giving careful thought to the rival submissions and what is recorded by the authorities below, we are in agreement with the submissions made on behalf of the assessee that there was no mala fide act of furnishing inaccurate particulars of income or concealing the income in showing the total of purchases at Rs. 2,55,386.71. The mistake detected is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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