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2014 (1) TMI 1331 - AT - Income TaxDeletion of penalty u/s 271(1)(c) of the Act – Held that:- The decision in ITO vs. Balotra Cooperative Marketing Society Ltd. followed - To attract penalty, the details supplied in the return must not be accurate, not exact or correct, not according to the truth or erroneous - 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) - A mere making of a claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding the income of the assessee. Such a claim made in the return cannot amount to furnishing inaccurate particulars – the order of the CIT(A) upheld – Decided against Revenue.
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