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2017 (5) TMI 574 - AT - Income TaxPenalty u/s 271(1)(c) - Held that:- As far as the appeal for AY 2005-06 is concerned, it is clear that in the instant case it cannot be said that the assessee had withheld any relevant information regarding the receipts and income from the AO. The amounts added back by the AO were the amounts disclosed by the assessee itself. With regard to the provisions of section 271(1)(c ) of the Act pertaining to penalty, the Hon’ble Apex Court has authoritatively laid down that making of a claim by the assessee which is not sustainable will not tantamount to furnishing inaccurate particulars. See CIT vs. Reliance Petroproducts Pvt. Ltd.(2010 (3) TMI 80 - SUPREME COURT ). As far as the appeal for AY 06-07 is concerned, the Ld. AR has raised a point that the penalty has been imposed on the wrong amount. However, this plea was not before the Ld. CIT (A). Further, the correct amount on which the penalty has to be imposed will have to be verified by the AO in terms of the submissions made by the Ld. AR before us. Therefore, without commenting on the merits of the imposition of penalty, we restore the issue to the file of the AO for considering the submissions of the assessee with regard to the quantum on which the penalty has to be worked out. Therefore, this appeal stands allowed for statistical purposes.
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