Penalty not leviable for Bonafide & Inadvertent mistake in deduction claim

Rane Industries Pvt. Ltd. Vs DCIT (ITAT Pune) It is apparent from the assessment order itself that the assessee, when pointed out by the AO, admitted its inadvertent mistake in not adding back the above amounts totalling to Rs.78.26 lacs in the computation of total income, which were debited to the Profit & loss account. 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 p...