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2015 (12) TMI 828 - HC - Income TaxPenalty under section 271(1)(c) - wrongly claiming exemption under section 10B in respect of interest not derived as ‘Profits and Gains of Business’ - CIT(A) deleted the penalty - Held that:- We are of the opinion that there can be no gainsaying that the assessee had raised a legal contention which was not finally accepted. When that is the position, then the authoritative judgement of the Supreme Court in the case of Reliance Petroproducts (2010 (3) TMI 80 - SUPREME COURT ) wherein opined that by any stretch of imagination, making an incorrect claim in law cannot tantamount to furnishing inaccurate particulars, as relied upon leaves no manner of doubt that the view taken by the CIT and the Tribunal was a correct view. - Decided in favour of assessee
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