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2012 (12) TMI 992 - ITAT JODHPURPenalty u/s 271(1)(c) - CIT(A) deleted the penalty - Held that:- This is not a fit case for levying penalty as in this case neither the assessee has concealed the particulars of income nor has furnished inaccurate particulars of income. This is simply a case of bonafide mistake which has occurred due to change of law applicable in this year. The assessee had been claiming and was being allowed similar claims of deductions in earlier Assessment Years also. After giving our thoughtful consideration to the facts of this case vis-a-vis the legal position narrated above, we are of the considered opinion that when a wrong claim is made under some bonafide mistake, that cannot be a ground for imposition for penalty u/s 271(1)(c) of the Act. The assessee has been making similar claim and the same were being allowed in earlier assessment years. Due to sudden change in law, this claim was not allowed and the assessee also corrected its mistake by fling a revised return, it is not a case of willful wrong claim. Therefore, we do not find any mistake in the order of the ld. CIT(A) and confirm the deletion of impugned penalty. - Decided in favour of assessee.
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