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2014 (6) TMI 703 - AT - Income TaxDeletion of penalty u/s 271(1)(c) of the Act – Inaccurate claim of interest – Held that:- Following CIT Vs. Reliance Petroproducts Pvt.Ltd. [2010 (3) TMI 80 - SUPREME COURT] - even if there is a wrong claim of deduction, it will not amount to concealment of income - a mere making of a claim which in the opinion of the AO is not sustainable in law by itself will not amount to furnishing of inaccurate particulars regarding the income of the assessee - The assessee is a government undertaking which is running in huge losses year after year - the assessed loss by the AO is more than a thousand crore - when the assessee has accepted the assessment order and did not file any appeal, it cannot be presumed that assessee has admitted that the disallowance of interest was correct - even if the disallowance of interest is correct, that, per-se, will not make the assessee liable for penalty u/s 271(1)(c) because, for penalty to get attracted, the conditions stipulated in the concerned provisions are required to be fulfilled – Decided against Revenue.
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