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2015 (9) TMI 1292 - ITAT DELHIPenalty levied by the AO u/s 271(1)(c) - CIT(A) deleted the levy - revision of computation of income - Held that:- In the present case, it is an admitted fact that the assessee wrongly computed the short term capital gain to be carried forward due to some wrong formula entered into computation sheet used to work out the short term/long term capital gains / loss and when the mistake came to his notice, the assessee corrected the figures and filed the revised details of short term capital loss before the AO vide letter dated 24.10.2011, much before the completion of the assessment on 22.12.2011. The AO accepted the figures of short term capital loss to be carried forward at ₹ 30,27,277/- in place of the earlier claimed loss of ₹ 62,09,653/-. However, he levied the penalty u/s 271(1)(c) of the Act. From the aforesaid narrated facts of the present case, it is crystal clear that the intention of the assessee was not mala fide because he himself corrected the figure, revised the computation and paid the due tax on the income of the succeeding years because the claim of carried forward of short term capital loss had affected the future tax liability. See Price Water House Coopers (P.) Ltd., [2012 (9) TMI 775 - SUPREME COURT] Thus we hold that no penalty is leviable in the facts and circumstances of the case under Section 271(1)(c) of the Act. Hence, the appeal filed by the assessee is allowed in full. - Decided in favour of assessee.
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