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2012 (10) TMI 674 - ALLAHABAD HIGH COURTPenalty u/s 271 (1) (c) - ITAT deleted the levy - Held that:- A mere making of the claim that the credit of the amount deducted from purchase price of the sugar cane to share deposit account with the assurance to the share holders that the share will be allotted to all the cultivators, and which were not issued on the ground that the State Government did not give permission to issue the shares, by itself would not amount to furnishing inaccurate particulars regarding income of the assessee. Such a claim made in the return would not amount to furnishing inaccurate particulars, inviting penalty under Section 271 (1) (c). As decided in C.I.T., Ahmedabad Versus Reliance Petro Products Pvt. Ltd. [2010 (3) TMI 80 - SUPREME COURT] it was up to the authorities to accept assessee's claim in the Return or not & merely because he had claimed the expenditure not acceptable to the Revenue will not attract the penalty under Section 271(1)(c) - There is no finding to show that the details supplied by the assessee in its return were found to be incorrect, erroneous or false in the present case - in favour of assessee.
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