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2014 (4) TMI 628 - AT - Income TaxDeletion of penalty u/s 271(1)(c) of the Act – Bonafide for claiming deductions proved - Held that:- A fraud/defalcation has been committed by one of the employees of the assessee which came to the notice of the assessee in 2005 - the return of income along with Tax audit report were filed much earlier to the date of detection of defalcation - the assessee could not produce bills and vouchers because the same has been destroyed by the employee of the assessee - The facts clearly show that the claim of expenditure was bonafide at the time of filing of the return of income - Merely because of subsequent events, the assessee could not produce bills/vouchers to substantiate its claim of expenditure cannot ipso facto lead to the conclusion that the assessee has filed inaccurate particulars - the decision in Commissioner of Income-tax Versus M/s. Universal Medicare Pvt. Ltd. [2014 (1) TMI 1261 - ITAT MUMBAI ] followed – also in, COMMISSIONER OF INCOME-TAX Versus RELIANCE PETROPRODUCTS PVT. LTD. [ 2010 (3) TMI 80 - SUPREME COURT] - There is a distinction between “wrong claim” and “false claim” - Considering the entire factual matrix, it cannot be said that assessee had made false claim – Decided against Revenue.
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