Penalty u/s 271(1)(c) Deleted After Assessee's Inadvertent Error in Tax Computation Acknowledged, No Benefit Gained.

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....Penalty levied u/s 271(1)(c) - deferred tax asset written off debited in the profit and loss account as exceptional item but the same has not been disallowed in the computation of taxable income - In the instant case, the assessee had made an inadvertent computation error while filing its return of income and accordingly the same was accepted by them in the course of assessment. The assessee has not in any way taken any benefit by carrying forward a higher loss. - Penalty deleted - AT....