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2014 (3) TMI 896 - AT - Income TaxPenalty u/s 271(1)(c) of the Act – Inaccurate particulars furnished - Held that:- As decided in assessee’s own case for the previous assessment years, merely an incorrect claim was made by the assessee, it would not tantamount to furnishing of inaccurate particulars so as to make the assessee liable for penalty u/s 271(1)(c) - in such situation no penalty can be levied u/s 271(1)(c) – the decision in COMMISSIONER OF INCOME-TAX Versus RELIANCE PETROPRODUCTS PVT. LTD. [2010 (3) TMI 80 - SUPREME COURT] followed - CIT(A) was of the view that the addition under the head of Shortage expenses, Tanker diesel expenses and Transport Expenses – thus, the claim of the Revenue cannot be accepted as assessee’s claims were merely incorrect which would not tantamount to furnishing inaccurate particulars so as to make the assessee liable for penalty u/s. 271(1)(c) – Decided against Revenue.
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