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2017 (12) TMI 748 - AT - Income TaxPenalty u/s 271(1)(c) - disallowance of expenses - Held that:- As the assessee had furnished all the details of its expenditure as well as income in its return, which details, in themselves, were not found to be inaccurate nor could be viewed as the concealment of income on its part. It was up to the authorities to accept its claim in the return or not. Merely because the assessee had claimed the expenditure, which claim was not accepted or was not acceptable to the revenue, that by itself would not, in our opinion, attract the penalty u/s 271(1)(c). If we accept the contention of Revenue then in case of every return where the claim made is not accepted by AO for any reason, the assessee will invite penalty u/s 271(1)(c). See CIT versus Reliance Petro Products Private Limited [2010 (3) TMI 80 - SUPREME COURT ] - Decided in favour of assessee.
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