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2012 (11) TMI 666 - AT - Income TaxPenalty under section 271(1)(c)– Concealment of Income and furnishing of inaccurate particulars - held that:- The addition made in the assessment cannot ipso facto lead to the inference that there has been concealment of income or furnishing of inaccurate particulars of such income by the assessee. In the aforesaid context, the acceptance of addition by the assessee for buying peace with the department will not lead to an inference that the assessee has admitted concealing particulars of its income or furnishing inaccurate particulars of income. Further Held that:- Contention of assessee that he is following the same method of valuation of closing stock consistently from its very inception and the department has never raised any objection with regard to the method of valuation of closing stock adopted by the assessee. In the aforesaid background, it cannot be said that the assessee has furnished inaccurate particulars of its income. Similarly, with regard to the addition made on account of cash payments above Rs.20,000/- which was disallowed u/s 40A(3) and also the claim of expenditure in the Profit & Loss A/c towards stamp duty the finding of the CIT (A) that such additions cannot lead to the conclusion that the assessee has furnished inaccurate particulars of income is quite acceptable - appeal of revenue is dismissed - in favour of assessee. Decision of Supreme court in case of [COMMISSIONER OF INCOME-TAX Versus RELIANCE PETROPRODUCTS FVT. LTD 2010 (3) TMI 80 - SUPREME COURT], followed.
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