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TMI Blog2022 (6) TMI 1298X X X X Extracts X X X X X X X X Extracts X X X X ..... ven the Auditor also did not alert the assessee on this point - HELD THAT:- It is clear from the nature of the amounts and the way of their depiction thereof in the Profit loss account that the assessee inadvertently committed a mistake in not adding back the amount of income tax, etc paid by it in the computation of total income. On being pointed out, the assessee accepted the disallowance and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o bona fide and unintentional mistake, respectfully following the precedents, we order to delete the penalty. Appeal of assessee allowed. - ITA No. 555/PUN/2020 - - - Dated:- 13-6-2022 - Shri R.S. Syal, Vice President And Shri Partha Sarathi Chaudhury, Judicial Member For the Assessee : Shri M.K. Kulkarni. For the Revenue : Shri M.G. Jasnani. ORDER PER R.S. SYAL, VP : ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the proposed disallowances by submitting that due to inadvertent mistake, the add back could not be made and even the Auditor also did not alert the assessee on this point. Thereafter, the AO imposed penalty amounting to Rs.24,37,233 u/s 271(1)(c) of the Act with reference to the above disallowances totaling to Rs.78.26 lacs, which came to be affirmed in the first appeal. 3. We have heard the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eduction. Rather it is a case of inadvertent mistake in the computation of income. The Hon ble Supreme Court in Price Waterhouse Coopers Pvt. Ltd. Vs. CIT (2012) 348 ITR 306 (SC) has held that no penalty u/s.271(1)(c) can be imposed in respect of inadvertent and bona fide mistake committed by the assessee. The Hon ble jurisdictional High Court in CIT Vs. Somany Evergreen Knits (2013) 352 ITR 592 a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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