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2012 (9) TMI 126 - HC - Income TaxPenalty u/s 271(1)( c ) - claim of deduction of issue expenses u/s 35D & diminution in value of shares investment - Held that:- It is an admitted position in the present case that no information given in the return was found to be incorrect or inaccurate. It is not as if any statement made or any detail supplied was found to be factually incorrect. Hence, at least, prima facie, the assessee cannot be held guilty of furnishing inaccurate particulars. By any stretch of imagination, making an incorrect claim in law cannot tantamount to furnishing inaccurate particulars - the assessee had furnished all the details of its expenditure as well as income in its return, which details, in themselves, were not found to be inaccurate nor could be viewed as the concealment of income on its part. It was up to the authorities to accept its claim in the return or not. Merely because the assessee had claimed the expenditure, which claim was not accepted or was not acceptable to the Revenue, that by itself would not, in our opinion, attract the penalty under Section 271(1)( c ) - in favour of assessee.
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