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2012 (4) TMI 360 - AT - Income TaxAdditions made by the AO u/s 10A and 80HHE - Penalty of ₹ 10,00,000/- in the AY 2003-04 & ₹ 1,05,00,000/- in the AY 2004-05 levied by the AO u/s 271(1)(c) - During the course of assessment proceedings, the Assessing Officer noticed that the assessee, inter alia, did not receive or bring in convertible foreign exchange into India within the stipulated time on account of exports made by it to the extent of ₹ 13,16,087/- in Leela Unit & ₹ 25,08,077/- in GNR unit - the assessee claimed deduction on the basis of report dated 27.11.2003 of the CA in form no. 56 F & 10CCAF - assessee, in the instant case, merely made a bona fide claim for the deduction in terms of the said certificate while pointing out that the aforesaid amounts towards exports were not realized within the stipulated period. Not even a whisper has been made in the penalty order as to which specific particulars were furnished inaccurate or were concealed - The assessee, in the instant case, merely made a bona fide claim for the deduction in terms of the said certificate while pointing out that the aforesaid amounts towards exports were not realized within the stipulated period A mere rejection of the claim of the assessee by relying on different interpretations does not amount to concealment of the particulars of income or furnishing inaccurate particulars thereof by the assessee - Held that: the disallowance of claim for deductions u/s 10A & 80HHE in relation to unrealised exports or disallowance of an estimated amount, having recourse to provisions of sec.14A the Act cannot be considered as concealment of income or furnishing inaccurate particulars thereof, especially when all the relevant particulars were disclosed before the AO - Mere erroneous claim in the absence of any concealment or furnishing of inaccurate particulars, is no ground for levying penalty, especially when there is nothing on record to show that the explanation offered by the assessee was not bona fide or any material particulars were concealed or furnished inaccurate - Appeals are dismissed
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