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2016 (8) TMI 519 - HC - Income TaxPenal proceedings u/s 271(1) (c) - treating the interest income as income from other sources - Held that:- Apex Court in the case of Commissioner of Income Tax vs. Reliance Petroproducts Pvt. Ltd. reported in [2010 (3) TMI 80 - SUPREME COURT] wherein the Apex Court has held that a mere making of a claim, which is not sustainable in law by itself will not amount to furnishing inaccurate particulars regarding the income of the assessee and such a claim made in return cannot amount to furnishing inaccurate particulars and that therefore there is no question of inviting penalty under section 271(1)(c). The revenue has not been able to prove that there is a mala fide intention on the part of the assessee. The main issue seems to be bona fide difference in the interpretation of law and therefore it cannot be said that the details supplied by the assessee in its return were found to be incorrect or erroneous or false. Therefore, there would be no question of inviting the penalty under section 271(1)(c) of the Act. - Decided in favour of assessee
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