Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (12) TMI 1319 - AT - Income TaxPenalty u/s 271(1)(c) - assessee while claiming deduction of administrative expenses did not furnish any evidence - Held that:- Mere rejection of claim, made by the assessee, would not ipso-facto, result in penalty imposed under section 271(1)(c) of the Act as was held in CIT vs Reliance Petro Products Pvt. Ltd. ( [2010 (3) TMI 80 - SUPREME COURT]), wherein observed that merely because the assessee's had claimed the expenditure, which claim was not accepted or not acceptable to the Revenue, that by itself would not in our opinion attract penalty under Section 271(1)(c). Before penalty can be imposed under Section 271(1)(c) of the Act, the Revenue in terms thereof must be satisfied that the assessee had concealed particulars of income or furnished inaccurate particulars of his income. In case, where an assessee makes a complete disclosure of facts it then cannot be said to have concealed the particulars of income or furnished inaccurate particulars of income. Thus, mere making a claim for benefit under a particular provision of law would not attract penalty under Section 271(1)(c) if there is absence of concealment and / or furnishing of inaccurate particulars of income. Thus the penalty imposed under section 271(1)(c) of the Act is directed to be deleted. - Decided in favour of assessee.
|