Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (1) TMI 1264 - ITAT JODHPURDeletion of penalty u/s 271(1)(c) of the Act – Disallowance of deduction u/s 80P of the Act – Held that:- The Assessing Officer did not allow the claim of the assessee u/s 80P(2)(e) made the disallowance – thus, it cannot be said that the assessee did not disclose all the particulars truly because the claim of deduction u/s 80P(2)(e) was made in the returned income - The Assessing Officer did not accept the claim of the assessee and that can be a ground for making the addition but not for levying the penalty u/s 271(1)( c) of the Act – Relying upon CIT vs Reliance Petroproducts (P) Ltd. [2010 (3) TMI 80 - SUPREME COURT] - Where no information given in the return is found to be incorrect or inaccurate, the assessee cannot be held guilty of furnishing inaccurate particulars - Where there is no finding that any details supplied by the assessee in its return are found to be incorrect or erroneous or false there is no question of inviting the penalty under section 271(1)(c) - The CIT(A) was fully justified in deleting the penalty levied u/s 271(1) ( c) of the Act by the Assessing Officer because in the present case also all the informations were given by the assessee in the return of income, so the assessee cannot be held guilty of furnishing inaccurate particulars of income or concealment of income – Decided against Revenue.
|