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TMI Blog2021 (8) TMI 1191X X X X Extracts X X X X X X X X Extracts X X X X ..... in observing that the provision for substandard asset was not disclosed in any of the enclosures of computation of income. CIT(A) has misled himself. Assessee s claim that it was a genuine mistake and the assessee has suo moto revised the same during the assessment proceedings is cogent. The authorities below have not been able to cogently rebut the submission of the assessee - set aside the orders of the authorities below and delete the penalty - Appeal by the assessee stands allowed. - ITA No. 4712/Mum/2019 (Assessment Year: 2012-13) - - - Dated:- 3-6-2021 - SHRI SHAMIM YAHYA, AM AND SHRI PAVAN KUMAR GADALE, JM Appellant by : Ms. Dinkle Hariya Respondent by : Shri Ajay Pratap Singh ORDER Per Shamim Yahya, A. M.: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h was corrected by it on it s own. The A.O. in response commented that the revision of the computation of income was only after the initiation of scrutiny proceedings and therefore not purely suo motto and bonafide. As per the A.O., the revision of computation of income by the assessee was a result of scrutiny assessment. Therefore, the A.O. levied penalty of ₹ 9,52,784/- u/s.271(1)(c) of the Act for filing of inaccurate particulars of income. 4. The ld. CIT(A) also confirmed the penalty order agreeing with the view taken by the A.O. He held that the assessee s claim of bonafide mistake is not sustainable. He also rejected the submission that there was no concealment by observing that assessee has not made the disclosure of provisi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the provision for substandard asset which is a normal feature in the preparation of profit and loss account, it will certainly be a mistake not to add the same under the 115JB computation of income. The ld. CIT(A) has completely erred in observing that the provision for substandard asset was not disclosed in any of the enclosures of computation of income. We find that the ld. CIT(A) has misled himself. The assessee s claim that it was a genuine mistake and the assessee has suo moto revised the same during the assessment proceedings is cogent. The authorities below have not been able to cogently rebut the submission of the assessee. Accordingly, in the background of the aforesaid discussion, we set aside the orders of the authorities below ..... X X X X Extracts X X X X X X X X Extracts X X X X
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