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2011 (4) TMI 196 - HC - Income TaxPenalty u/s 271(1)(c) - concealment of income and furnishing inaccurate particulars - disallowing the loss - the assessee had filed the original return for the assessment year 1998-99 on 29.10.1998 which was revised claiming a loss of Rs.10,00,000/-on account of debit notes issued by the Maruti Udyog Limited on 21.10.1999 - The assessee for the next assessment year 1999-2000 filed return on 16.12.1999 in which it had again claimed loss of Rs.10,00,000/- which had already been claimed for the assessment year 1998-99 - Thus, the assessee had claimed loss of Rs.10,00,000/- twice over i.e. one in the return filed for the assessment year 1998-99 and second time in the return filed for the assessment year 1999-2000 - The Tribunal while upholding the penalty under Section 271(1)(c) of the Act had recorded that the Explanation furnished by the assessee was not bonafide and the assessee was unable to substantiate its version. The explanation of assessee that the amount was claimed in assessment year 1998-99 on legal advice - There is no evidence to that effect on record - It was also explained that claim in this year was merely a clerical mistake - It has been held that this explanation is not bonafide because the assessee could not have forgotten that this very amount was claimed in the return for assessment year 1998-99 less than two months ago - The claim was a very big amount and it materially altered its income. Held that: the Tribunal had concluded that the assessee had furnished inaccurate particulars of income and the same had been done deliberately - The levy of penalty under Section 271(1)(c) of the Act had, thus, rightly been sustained - The appeal is allowed in favour of the revenue.
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