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2012 (7) TMI 540 - ITAT, DELHIPenalty u/s 271(1)(c) of the Income tax Act - assessee company, it accepted its mistake and filed a revised computation of income – Held that:- Imposition of penalty on withdrawal of claim by way of revised computation assumes a character of technical default. In respect of bad debt also assessee filed all the primary particulars in this behalf and was under bona fide belief that the amounts having become irrevocable same were allowable as bad debts on write off - penalty should not be imposed only because it is lawful to do so and that the penalty should not be imposed for technical and venial defaults - assessee having furnished all primary facts along with the return of income and the mistake being technical or venial in nature, assessee is not liable to be visited with penalty u/s 271(1)(c) - penalty deleted - revenue’s appeal is dismissed.
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