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2016 (6) TMI 563 - HC - Income TaxPenalty levied u/s. 271(1)(c) - assessee had credited the profit on sale of shares claimed to have been received as a gift by way of family arrangement directly in to the capital reserve account instead of routing it through the profit and loss account which amounts to furnishing inaccurate particulars of income by the assessee and resulting in reduction of book profit U/s. 115JB - Held that:- Undisputed facts are that, all necessary declarations were made by the assessee with respect to the receipt in question. Regarding the tax liability of such receipt, there was a difference of opinion between the assessee and Assessing Officer. That by itself would not give rise to penalty proceedings. We are not concerned with the quantum addition. We are only concerned whether the facts give rise to applicability of Section 271(1)(c) of the Act. Reference can be made to the decision of Supreme Court in case of CIT vs. Reliance Petroproducts Pvt. Ltd .[2010 (3) TMI 80 - SUPREME COURT ] and in case of Price Waterhouse Coopers Pvt. Ltd. vs CIT and anr reported in [2012 (9) TMI 775 - SUPREME COURT] .
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