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2013 (7) TMI 81 - ITAT DELHIPenalty u/s 271(1)(c) - disallowances u/s 43B for unpaid liability of sales tax, provident funds etc. - Held that:- As decided in CIT Vs. Reliance Petroproducts Pvt.Ltd [2010 (3) TMI 80 - SUPREME COURT] & Price water house Coopers Pvt.Ltd. [2012 (9) TMI 775 - SUPREME COURT] mere submitting a claim which is incorrect in law would not amount to giving inaccurate particulars of the income of the assessee. If the assessee's claim is bona fide, then he will not be liable for penalty. In the present case, the failure of the assessee to make disallowance u/s 43B in the return of income cannot be held to be mala fide because the returned loss by the assessee was Rs. 1,57,14,572/-. Even after the disallowance u/s 43B amounting to Rs. 14,14,057/-, the assessed loss is Rs. 1,43,00,515/-. That ordinarily, no assessee would try to increase the loss by making a wrong claim. Moreover, the assessee has already disclosed that the amount was payable. Thus, there was no concealment of any fact or furnishing of inaccurate particulars - appeal of the assessee allowed.
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