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TMI Blog2024 (3) TMI 1124X X X X Extracts X X X X X X X X Extracts X X X X ..... the authorities below. From the above, it is transpired that the assessee on one hand has adjusted the gross block of asset but on the other hand omitted to make the addition on the loss of sale of machinery to the total income of the assessee. Thus, we find there is a contradictory stand taken by the assessee as evident from the financial statement and computation of income. This contradictory stand of the assessee gives reason to believe that such mistakes has been committed by the assessee due to oversight and inadvertently, therefore we are of the view that the assessee should not made to suffer if such bona-fide mistake is committed by the assessee. Decided in favour of assessee. - Shri Waseem Ahmed, Accountant Member And Ms Madhumi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, there was inadvertent error and therefore the penalty can be levied u/s 271(1)(c) of the Act. 6. On the other hand, the ld. DR vehemently supported the order of the authorities below. 7. We have heard the rival contentions of both the parties and perused the materials available on record. From the above discussion, we note that the assessee has made necessary adjustments in the block of assets of the plant and machinery which was also not doubted by the authorities below. For this purpose, we refer the relevant submission of the assessee made before the Ld. CIT(A), which is reproduced as under: During the year under consideration, the appellant had sold coal based power plant at Value of Rs. 40.08 lacs. The WDV of Plant was Rs. 8.81 lacs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d from the block of fixed assets for computing depreciation under the Act. He further submitted that while computing the taxable income the loss on fixed assets aggregating to Rs. 5.79.374/-, on the basis of which the penalty was imposed, has inadvertently been omitted to be added. The mistake being clerical since in the computation the said ITA No.5167/Del/2013 disallowance has been mentioned but the figure was inadvertently omitted from the column due to linking. He submitted that these facts have already been brought to the knowledge of the AO during the course of assessment proceedings vide letter dated 18.08.2011. He also drew our attention to page 19 and page 6 of the paper book to justify this mistake. 7. We have heard both the parti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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