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2014 (12) TMI 143 - GUJARAT HIGH COURTPartial deletion of penalty u/s 271(1)(c) – Inaccurate particulars furnished or not - Rejection of claim of deduction u/s 80IB(10) could be a ground for invoking penalty or not - Held that:- The AO has merely referred to the facts of the case on account of which, penalty proceedings u/s 274 r.w.s. 271(1)(c) of the Act came to be initiated for furnishing inaccurate particulars of income - despite the fact that show cause notice was served upon the assessee, the assessee had not responded, either by appearing before the AO or filing a written reply - CIT(A) rightly was of the view that this is not a case wherein income had been concealed by the assessee – relying upon CIT v. Reliance Petroproducts Private Limited [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 – a mere wrong claim made in the return cannot amount to furnishing inaccurate particulars - the assessee had made a claim u/s 80IB (10) of the Act which was found to be not allowable - CIT(A) as well as the Tribunal have rightly held that the assessee had disclosed all material facts and the revenue had not brought anything on the record that any particulars were not available to the AO – thus, the order of the Tribunal is upheld – Decided against revenue.
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