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2019 (7) TMI 19 - AT - Income TaxClaim of tax credit for Alternate Minimum Tax (AMT) u/s 115JD - set off of AMT Tax credit for the tax liability for next assessment year while filing revised computation during the assessment proceedings u/s 143(3) - HELD THAT:- CIT(A) was justified in allowing the assessee’s claim by examining the facts of the case in the light of the provisions of Section 115JC of the Act, 115JC of the Act and also that provisions of Section 115JD of the Act which provides for tax credit of the AMT. We therefore find no insistence in the finding of Ld. CIT(A) allowing the assessee’s claim for set off of AMT Tax credit for the tax liability for Assessment Year 2014-15 and 2015-16. Penalty u/s 271(1)(c) - making wrong claim u/s 80IB in place of deduction u/s 80JJA - HELD THAT:- We find that this is purely a case of incorrect claim by the assessee. However all the details necessary for computing the deduction were filed. No particulars filed by the assessee were found to be incorrect by the Ld. A.O relating to the computation of claim of deduction. It is also on record that during the course of assessment proceedings itself assessee made it clear that it has wrongly claimed the deduction u/s 80IB. As decided in RELIANCE PETRO PRODUCTS PVT. LTD. [2010 (3) TMI 19 - SUPREME COURT] mere making of the claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding the income of the assessee - CIT(A) has rightly deleted the penalty levied u/s 271(1)(c) as the assessee has disclosed all the facts relating to the particulars of computing the profits eligible for deduction in the return of income duly supported by Audit Report. We therefore confirm the view of Ld. CIT(A) and dismiss the revenue’s sole ground of appeal
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