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2015 (1) TMI 5 - AT - Income TaxPenalty u/s 271(1)(c) - whether the CIT(A) is justified in deleting the penalty imposed u/s 271(1)(c) of the Act amounting to ₹ 4,37,711 - Held that:- CIT(A) has made threadbare analysis of disallowance of expenditure made in the quantum assessment which had resulted in the imposition of penalty u/s 271(1)(c) of the Act and had come to a correct conclusion that two disallowance of expenditure is only an incorrect claim and does not amount to concealment of income. The conclusions /findings of the CIT(A) have not been dispelled by the revenue. The CIT(A)’s reliance on the various case laws on the subject is apt to the facts of this case. The revenue in its grounds of appeal relied on the case of CIT vs. Rubber Udyog Vikas (P) Ltd. [2011 (2) TMI 858 - PUNJAB AND HARYANA HIGH COURT]. This decision has been taken note of by CIT(A) at para 3.8 of the impugned order. The dictum laid down in case of Rubber Udyog Vikas (P) Ltd. is that incorrect claim would not tantamount to furnishing of inaccurate particulars unless it is established that assesee has acted with malafide intention. The decision relied on by the revenue is in no way helpful to the case of the revenue. - Deided against Revenue.
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