Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (3) TMI 889 - ITAT AMRITSARDeletion of penalty u/s 271(1)(c) of the Act – Scope of saving provisions of section 273 of the act - Held that:- The first appellate authority has passed a well-reasoned order by following the order in the case of CIT v. Reliance Petro Products Ltd. [2010 (3) TMI 80 - SUPREME COURT] - by any stretch of imagination, making an incorrect claim in law cannot tantamount to furnishing inaccurate particulars - A mere making of a claim which is not sustainable in law by itself will not amount to furnishing inaccurate particulars - the assessee has accepted the addition made by the revenue authority and made the payment of tax also - the assessee has not filed its false claim in the return of income it may be incorrect claim but not false claim – thus, the penalty is not sustainable - the order of the FAA upheld – Decided against Revenue.
|