TMI Blog2013 (3) TMI 75X X X X Extracts X X X X X X X X Extracts X X X X ..... IANCE PETROPRODUCTS FVT. LTD. [2010 (3) TMI 80 - SUPREME COURT] mere making of a claim, which is not sustainable in law, would not, ipso facto, amount to furnishing inaccurate particulars regarding the income of the assessee and would, therefore, not automatically result in a penalty order against the assessee - in favour of assessee. - ITA 47/2013 - - - Dated:- 27-2-2013 - Badar Durrez Ahmed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee had set off this loss against the amount of profit after claiming deduction under Section 80HHC of the said Act. The Assessing Officer held that the deduction under Section 80HHC was allowable on the gross total income as defined under Section 80AB read with Section 80HHC. The gross total income, according to Section 80AB, was the income of the assessee after setting off the current year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Private Limited: 327 ITR 510 (Del), wherein this Court, after examining the decision of the Supreme Court in Reliance Petro products Private Limited (supra), had observed that the Court cannot overlook the fact that only a small percentage of the income tax returns are picked up for scrutiny and if the assessee makes a claim which is not only incorrect in law but is also wholly without any basis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ition adopted by the respondent / assessee in its return. It is only subsequently that the matter was settled by the Supreme Court in the case of IPCA Laboratory Ltd. v. DCIT: [2004] 266 ITR 521 (SC), wherein the Supreme Court held that the provisions of Section 80AB had an overriding effect over all the other sections in Chapter VI-A including Section 80HHC. The decision in IPCA Laboratory Ltd (s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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