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2014 (12) TMI 48 - ITAT PUNEPenalty u/s 271(1)(c) deleted - Whether the assessee has filed inaccurate particulars of income - Held that:- The assessee is engaged in the share transactions - except change of the head, there is no addition of single penny - CIT(A) was of the opinion that mere change of head cannot be said to filing of the inaccurate particulars of income – in COMMISSIONER OF INCOME-TAX Versus RELIANCE PETROPRODUCTS PVT. LTD. [2010 (3) TMI 80 - SUPREME COURT] - it must be shown that the conditions u/s 271(1)(c) must exist before the penalty is imposed - everything would depend upon the Return filed because that is the only document, where the assessee can furnish the particulars of his income - there is no finding that any details supplied by the assessee in its Return were found to be incorrect or erroneous or false - Such not being the case, there would be no question of inviting the penalty under Section 271(1)(c) of the Act - a mere making of the claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding the income of the assessee. Such claim made in the Return cannot amount to the inaccurate particulars – the AO was not justified at all for levying the penalty merely because he is having different opinion on the plea of the assessee in respect of the head under which the income is to be assessed - merely because the legal claim made by the assessee is rejected by the AO that will not attract the penalty - CIT(A) has rightly deleted the penalty and no interference is called for – the order of the CIT(A) is upheld – Decided against revenue.
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