2014 (12) TMI 477

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..... t the assessee had discharged the onus and established their bona fides for the purpose of Explanation 1 to Section 271(1)(c) – assessee through Affidavit accepting his fault that he had misunderstood and misinterpreted the provisions of Section 115JB of the Act - computation made by the Chartered Accountant in this case in Form No. 29B was erroneous and he had owned his fault and mistake - This w .....

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..... ppeal by the Revenue challenges the order of the Income Tax Appellate Tribunal (Tribunal, for short) deleting penalty under Section 271(1)(c) of the Income Tax Act, 1961 (Act, for short). The appeal pertains to Assessment Year 2009-10. 2. The finding of the Tribunal is that the assessee had discharged the onus and established their bona fides for the purpose of Explanation 1 to Section 271(1)(c) .....

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..... xity had arisen due to interplay of Section 115JB with Section 10A of the Act. 3. On considering the factual matrix, the Tribunal has observed that the explanation and conduct did not reflect any attempt to propound an excuse which was sham or a ruse. The reason given was not a device to cover an ulterior purpose. The mistake made by the Chartered Accountant was a result of a human error in corre .....

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