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2012 (8) TMI 764 - AT - Income TaxPenalty u/s 271(1)(c) - deduction u/s 80-IB claimed even after the expiry of 10 consecutive AYs - withdrawal of claim u/s 80IB suo-moto by filing revised statement of income during assessment proceeding and payment of requisite tax voluntarily - Held that:- Assessee has disclosed all the necessary particulars in the return. The assessee was allowed the deduction u/s 80-IB in the earlier years and accordingly it claimed deduction. The moment the assessee has taken legal advice, he withdrew the claim by paying the taxes due on withdrawal of the claim suo mottu and voluntarily. The bona fide of making the claim for deduction u/s 80-IB and withdrawal thereof, is duly proved. "Inaccurate particulars" means that particulars have not been furnished in correct/exact manner as is required to be furnished to determine the correct income chargeable to tax. A mere making of claim, which is not sustainable in law, by itself, will not amounting to furnishing inaccurate particulars regarding income of assessee - more particularly in present case of respondent wherein the claim of deduction u/s 80-IB was withdrawn and tax duly paid on the same. CIT (A) is justified in deleting the penalty - Decided against Revenue
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