The assessing Officer made an additional repeated amount in assessee’s total income and also levied a penalty under section 271(1)(c)  of the Act. Tribunal held that though assessee had accounted for the provision of interest twice by mistake since upon realising such a mistake it passed necessary rectification entries in the subsequent year by showing said interest expense as prior period income the penalty levied was deleted.  On appeal, High Court affirmed the order of the Tribunal. (AY. 2007-08)