TMI Blog2016 (7) TMI 1348X X X X Extracts X X X X X X X X Extracts X X X X ..... merges that the declaration was made by the assessee under the advice of the chartered accountant and subsequently, the same was rectified. Therefore, there was no intention on the part of the assessee to commit any wilful concealment. Considering the ratio laid down in the above decision of CIT v. Reliance Petroproducts Private Limited (2010 (3) TMI 80 - SUPREME COURT) wherein held a mere making ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t for consideration : Whether, on the facts and circumstances of the case, and in law the Tribunal is right in deleting penalty imposed by the Assessing Officer under section 271(1)(c) of the Income-tax Act ? 3. Learned counsel for the appellant-Department has submitted that the issue raised in these appeals is governed by the decision of this court rendered in the case of LMP Precision ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng additional income in relation to purchases made from certain parties. The Assessing Officer by issuing notice under section 148, regularised the returns and completed reassessment for those years and also imposed penalty under section 271(1)(c) upon the assessee. It is further contended that the view taken by the Commissioner of Income-tax (Appeals) is required to be reversed and the view taken ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ue, that by itself would not, in our opinion, attract the penalty under section 271(1)(c). If we accept the contention of the Revenue then in case of every return where the claim made is not accepted by the Assessing Officer for any reason, the assessee will invite penalty under section 271(1)(c). That is clearly not the intendment of the Legislature. (b) The decision of this court in the ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was rectified. Therefore, there was no intention on the part of the assessee to commit any wilful concealment. Considering the ratio laid down in the above decision of CIT v. Reliance Petroproducts Private Limited (supra) and in the facts of the present case, we are of the view that the issue raised in the above appeals is governed by the above decision referred to hereinabove. Consequently, we an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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