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2016 (9) TMI 1462 - AT - Income TaxPenalty u/s 271(1)(c) - false claim before the assessing officer under Section 54/54F in the assessment proceeding - mere making of claim - Held that:- If it is considered that the claim made by the assessee under Section 54/54F is incorrect, it would not tantamount to furnishing of inaccurate particulars of income. Penalty can be levied only in respect of concealing the particulars of income or furnishing inaccurate particulars. Making a claim before the assessing officer under the statutory provisions cannot be considered by any stretch of imagination that the assessee has concealed any part of the income or furnished inaccurate particulars of income. This Tribunal is of the considered opinion that merely because claim made by the assessee under Section 54/54F was disallowed by the assessing officer in the assessment proceeding, that cannot be a reason to conclude that the assessee has furnished inaccurate particulars of his income or concealed any part of his income.Penalty levied by the assessing officer under Section 271(1)(c) is not justified. - Decided in favour of assessee
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