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2012 (5) TMI 365 - AT - Income TaxPenalty u/s.271(1)(c) - The main thrust of the argument by the Ld. Counsel of the assessee is that penalty is required to be knocked down simply on the basis that AO has failed to apply his mind because notice has been issued without specifying the allegation as AO has simply tick marked the column "for concealing the particulars of income or furnishing inaccurate particulars of income" in the show cause notice - it is clear that what court observed was that "concealment and filing of inaccurate particulars" are two different requirements - A plain reading of the above clearly shows that the combined meaning of sec.271(1)(c) read with Explanation 1 is that if assessee has filed inaccurate particulars and such person offers an explanation which is not bona fide or offers no explanation, then penalty is leviable - Noticing that the assessee had given an explanation, vide its letter dated March 22, 2006, giving reasons for claim-ing the interest as a deduction, the Tribunal was of the view that the onus shifted on the Revenue to prove that the explanation offered by the asses-see was false - if a claim is patently wrong, as in the case before us, then merely because such claim has been made through books of accounts cannot be said that assessee has disclosed full and true particulars of income - Decided against the assessee
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