TMI Blog2014 (4) TMI 476X X X X Extracts X X X X X X X X Extracts X X X X ..... the same has been allowed in the subsequent year - The head office expenses have been disallowed on the ground that the assessee could not give satisfactory explanation to substantiate the claim of expenditure – Relying upon COMMISSIONER OF INCOME-TAX Versus RELIANCE PETROPRODUCTS PVT. LTD. [2010 (3) TMI 80 - SUPREME COURT] - merely because certain claim of expenses is disallowed cannot be sufficient for levying the penalty u/s 271(1)(c) – Decided against Revenue. - ITA No. 1183/Del/2012 - - - Dated:- 11-4-2014 - Shri G. D. Agrawal And Shri I. C. Sudhir,JJ. For the Appellant : Shri Sanjeev Sharma, CIT-DR. For the Respondent : Shri Ashutosh Jain and Shri Amit Arora, CAs. ORDER Per G. D. Agrawal, VP :- This appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dd : Depreciation as per books of account 2,424,084 Provision for Tax 55,000,000 Provision for doubtful debts 2,769,286 Provision for contingency 20,500,000 Interest u/s 210(1A) 2,113,367 Disallowance u/s 40(a) 17,368,443 Disallowance u/s 40(a) 9,40,604 Disallowance u/s 40(a)(i) 6,425,769 Head Office Expenditure u/s 44C 9,417,995 Donations 22,000 116, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lowed on the ground that the assessee could not give satisfactory explanation to substantiate the claim of expenditure. In our opinion, on these facts, the decision of Hon ble Apex Court in the case of Reliance Petroproducts Pvt.Ltd. (supra) would be squarely applicable, wherein their Lordships held as under:- Where there is no finding that any details supplied by the assessee in its return are found to be incorrect or erroneous or false there is no question of inviting the penalty under section 271(1)(c). A mere taking of a claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding the income of the assessee. Such a claim made in the return cannot amount to furnishing inaccurate pa ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
