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2019 (9) TMI 1127 - AT - Income TaxPenalty u/s. 271(1)(c) - penalty has been levied on the assessee for “furnishing inaccurate particulars of income.” - HELD THAT:- As perused the copies of return for assessment year 2009-10 filed before us in the paper book wherein all the details of loss carried forward has been reflected by the assessee to the tune of ₹ 33,69,239/-. Non filing of revised return is hypothetical assumption by the Department that the assessee intends to conceal the income which is however not demonstrated by any evidence on record. Hence, this cannot be accepted. Once penalty has been imposed for furnishing inaccurate particulars of income in the case of the assessee as facts demonstrated there is no lapse by the assessee on this count. As relying on RELIANCE PETROPRODUCTS PVT. LTD. [2010 (3) TMI 80 - SUPREME COURT]
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