Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (5) TMI 195 - ITAT DELHIPenalty u/s 271(1) (c) - CIT(A) deleted the penalty levy - whether claiming excessive deductions also amount to concealment of income? - Held that:- It is a case of wrong claim because a part of the development expenditure has been allowed by the AO as revenue and remaining major part of the claim has been held as capital expenditure on which depreciation has been allowed to the assessee. Accordingly, CIT(A) rightly held that the assessee has neither concealed its particulars of income nor provided inaccurate particulars of income as far as the claiming of these expenses is concerned. It is clearly a case of claiming certain expenses in a bona fide manner which had been disallowed by AO and AO has not been able to make out a case for imposition of penalty u/s 271(1)(c). See Reliance Petroproducts Pvt. Ltd. (2010 (3) TMI 80 - SUPREME COURT) wherein held that a mere making of a claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars - Against revenue.
|