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2013 (1) TMI 340 - HC - Income TaxPenalty under Section 271(1)(c) - ITAT deleted the levy - short term capital gains v/s income from business - Held that:- Tribunal while deleting the levy relied upon the decision in CIT Vs. Reliance Petroproducts Pvt. Ltd. (2010 (3) TMI 80 - SUPREME COURT) wherein held that mere making of a claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars. Furthermore, the record reveals that the amount in question, which formed the basis for the assessing officer to levy penalty was in fact truthfully reported in the returns. In view of this circumstance, that the assessing officer chose to treat the income under some other head cannot characterize the particulars or reported in the return as an 'inaccurate particulars' or as suppression of facts. The Court is also conscious of the decision of the Supreme Court in Calcutta Discount Co. Ltd. vs. Income Tax Officer (1960 (11) TMI 8 - SUPREME COURT) wherein held that it is up to the AO to interpret the return and discern as to which head of income the amount had to be brought to tax - no substantial question of law arises.
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