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2018 (1) TMI 337 - HC - Income TaxPenalty u/s 271(1)(c) - claim for deduction under Section 54 - Held that:- The appellant has admittedly made a claim in its return of income which is prohibited under the Act. The claim for deduction under Section 54 of the Act could only be made by individuals or HUF, while the appellant is admittedly a company incorporated under the Companies Act, 1956. Thus this was not a case, where a claim made was debatable or claim being made in the absence of any prohibition to make such a claim under the Act. In the aforesaid cases, one could possibly infer that the claim was made under the bonafide interpretation of the law. In the present facts, this is admittedly not so. In the present facts, the appellant has furnished inaccurate particulars of income by claiming a deduction which is prohibited in case of assessee. Thus the penalty under Section 271 (1) (c) of the Act is imposable upon the appellant. - Decided against assessee.
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