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2014 (2) TMI 457 - AT - Income TaxLevy of penalty u/s 271(1)(c) of the Act Concealment of income - Inaccurate particulars furnished Held that:- The decision in CIT Vs. Reliance Petroproducts Pvt. Ltd. [2010 (3) TMI 80 - SUPREME COURT] followed - where there is no finding that any details supplied by the assessee in its return are found to be incorrect or erroneous or false there is no question of inviting the penalty under section 271(1)(c). A mere making of a claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding the income of the assessee - Such a claim made in the return cannot amount to furnishing inaccurate particulars - The AO merely proceeded on the footing that the assessee furnished inaccurate particulars by claiming addition of the expenditure which is not otherwise admissible under law previously also, the penalty is not leviable and the Revenue appears to have not preferred any appeal - there is no malafide intention on the part of the assessee in claiming the impugned expenditure as revenue in nature the order of the CIT(A) upheld Decided against Revenue.
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