TMI Blog2014 (9) TMI 1040X X X X Extracts X X X X X X X X Extracts X X X X ..... e. The claim made by the assessee was bonafide. Where the assessee had submitted complete information and merely because the claim of depreciation had been made on a higher figure, does not make the assessee exigible to levy of penalty under section 271(1)(c) of the Act. In the totality of the facts and circumstances, we find no merit in the order of Commissioner of Income Tax (Appeals) in levying the penalty for concealment under section 271 (1) (c) of the Act. - Decided in favour of assessee - ITA No. 1340/CHD/2012 - - - Dated:- 17-9-2014 - SHRI T.R.SOOD ACCOUNTANT MEMBER AND Ms. SUSHMA CHOWLA, JUDICIAL MEMBER Appellant by : Shri Tej Mohan Singh Respondent by : Shri J.S.Nagar ORDER PER SUSHMA CHOWLA, JM ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... raised was purely debatable and as complete facts were disclosed in the return of income, there was no merit in the penalty levied. 6. The ld. DR for the revenue, on the other hand, placed reliance on the order of the Commissioner of Income Tax (Appeals). 7. We have heard the rival contentions and perused the record. The Assessing Officer, while completing the assessment in the case had made addition on several accounts and penalty under section 271 (1) (c) of the Act was also levied on all those additions. However, the Commissioner of Income Tax (Appeals) has held the explanation of the assessee to be justified and had deleted the penalty levied under section 271 (1) (c) of the Act on various additions except one i.e. addition of &# ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ved, as per Law Lexicon, the meaning of word particular is a detail or details, the details of a claim, or the separate items of an account. Therefore, the word particulars used in Section 271 (1)(c) would embrace the meaning of the details of the claim made. It was further held as under:- We have already seen the meaning of the word particulars in the earlier part of this judgment. Reading the words in conjunction, they must mean the details supplied in the Return, which are not accurate, not exact or correct, not according to truth or erroneous. We must hasten to add here that in the case, 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 bein ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing 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 s. 271(l)(c). 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 assessee had furnished all the details of its expenditure as well as income in its return, which details, in themselves, were not found to be inaccurate nor could be viewed as the concealment of income on its part. It was up to the authorities to accept its claim in the return or not. Merely because t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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