Held that due to inadvertently the assessee had not shown in the computation of income amount disallowable under section 43B though the said amount was disclosed in the tax audit report. Levy of penalty was deleted. Followed Price Waterhouse Coopers P. Ltd v. CIT (2012) 348 ITR 306 (SC). (AY. 2013-14)
Core Metal Krafts Ltd. v. ACIT (2021) 92 ITR 379 (Chd.)(Trib.)
S. 271(1)(c) : Penalty-Concealment-Tax audit disclosing the disallowance of expenses under section 43B-Inadvertently left out while computing the income-Penalty levied was deleted. [S. 43B]