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2016 (7) TMI 751 - BOMBAY HIGH COURTPenalty imposed u/s. 13 of the Interest Tax Act 1974 - Held that:- The ingredients/ basis for imposition of penalty are different and distinct from the ingredients in a taxing provision. Section 13 of the Interest Act provides that penalty is imposable only if the Assessing Officer is satisfied that the person has either filed inaccurate particulars or concealed the chargeable interest. In the present facts, the respondent-assessee has made a complete disclosure of the interest recovered from the borrowers including the interest amount of ₹ 91.21 Crores which was sought to be excluded.Thus in the present facts, two authorities viz: CIT(A) and the Tribunal have on the basis of the disclosure made in the interest tax return have found, no concealment or filing of inaccurate particulars on the part of the respondent-asseseee. In fact, the Assessing Officer has itself accepted that all particulars had been disclosed as is evident from the order dated 2nd March, 2006 passed on reassessment proceedingss, for quantum. The claim made by the Respondent-assessee is a bona fide claim after having made a full disclosure by filing accurate particulars. Thus, no concealment. Therefore, no penalty under Section 13 of the Interest Act, can be imposed. - Decided in favour of assessee
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