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2015 (8) TMI 427 - HC - Income TaxPenalty u/s 271(1)(c) - assessee has debited this income of ₹ 26,63,283 out of total pre- operative expenses of ₹ 7,57,43,555 as he claimed net pre-operative expenses as ₹ 7,30,84,272 which was not correct and the amount of ₹ 26,63,283 ought to have been treated as income, earned during April 1, 1999, to May 31, 1999, for the purpose of assessment - Held that:- From the record we find that there was no inaccuracy in particulars of income furnished by the assessee. Out of various receipts, the assessee wrongly deducted aforesaid amount from his total pre-operative expenses while making computation of income. Wrong deduction of an amount for computation of income in the return submitted by the assessee is different. It cannot be equated with concealment. In our view it would not amount to furnishing of inaccurate particulars of income or concealment of income so as to attract penalty under section 271(1)(c) of the Act, 1961.The Commissioner of Income-tax (Appeals) and Tribunal both have recorded concurrent finding holding that there was no concealment of particulars of income by the assessee. Therefore, penalty under section 271(1)(c) of the Act, 1961, was not attracted - Decided in favour of assessee. Decision in CIT v. Prithpal Singh and Co. (2000 (7) TMI 75 - SUPREME Court) would have no application to the case in hand.
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