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2011 (1) TMI 480 - HIMACHAL PRADESH HIGH COURTPenalty u/s 271(1)(c) - furnishing of inaccurate particulars - The Apex Court in Reliance Petro Products (2010 (3) TMI 80 - SUPREME COURT) has clearly held that the word ‘inaccurate’ as used in the Act would mean something which is not accurate, not exact or not correct. Something which is untrue is inaccurate. - When mens rea is proved it shows that the person had an intention of evading payment of tax by illegal means. Merely because a wrong interpretation to the same set of facts is given would not, in our opinion, mean that the assessee is liable to pay penalty also. - merely because the assessee had claimed depreciation which claim was not accepted by the Revenue that by itself would not attract penalty under Section 271(1)(c) of the Act.
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