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2015 (1) TMI 1210 - AT - Income TaxPenalty u/s 271(1)(c) - deduction u/s 80IC - whether merely claim of deduction U/s 80IC would not lead to the conclusion that assessee has filed incorrect particulars of income or concealed any particulars of income? - Held that:- The meaning of the word "particulars" used in section 271(1)(c) would embrace the details of the claim made. Where no information given in the return in found to be incorrect of inaccurate, the assessee can’t be the held guilty of furnishing inaccurate particulars. In order to expose the assessee to penalty, unless the case is strictly covered by the provision, the penalty provision can’t be invoked. By no stretch of imagination can making an incorrect claim tantamount to furnishing inaccurate particulars. There can be no dispute that everything would depend upon the return filed by the assessee, because that is the only document where the assessee can furnish the particulars of his income. When such particulars are found to be inaccurate, the liability would arise. To attract penalty, the details supplied in the return must not be accurate, nor exact or correct, no according to the truth or erroneous." Considering the facts of the case, therefore, it is noted that all the particular and primary facts are duly disclosed by the appellant. The books of accounts are audited and Auditor’s certificate u/s 80IC was submitted. Therefore, looking into the entirety of the facts and the case laws discussed above, in my opinion, there is no concealment of income or furnishing of inaccurate particulars in this case. The penalty imposed by the A.O. is, therefore deleted - Decided in favour of assessee.
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