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2016 (11) TMI 592 - AT - Income TaxLevy of penalty u/s 271(1)(c) - disallowance u/s 80IB - Held that:- "inaccurate particulars" was not defined anywhere in the Act and, therefore, it was held that furnishing of an assessment of the value of the property may not by itself be furnishing inaccurate particulars. Reading the words in conjunction, they must mean the details supplied in the Return, which are not accurate, not exact or correct, not according to truth or erroneous. Must hasten to add here that in this case, there is no finding that any details supplied by the assessee in its Return were found to be incorrect or erroneous or false. Such not being the case, there would be no question of inviting the penalty under Section 271(1)(c) of the Act. Even if a wrong claim is made by the assessee that itself does not tantamount to concealment of income. - Decided in favour of assessee
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