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2020 (1) TMI 126 - AT - Income TaxPenalty u/s 271(1)(c) - Deduction u/s 80IC for some higher amount than the entitlement of the assessee - HELD THAT:- Fact remains that the assessee had furnished all the details of income and expenditure in its return, which details in themselves were not found to be inaccurate by the learned Assessing Officer and therefore the Ld. CIT(A) held that the same cannot be viewed as concealment on the part of the assessee nor is a case of filing of inaccurate particulars. Insofar as this factual observation of the Ld. CIT(A) is concerned, the Revenue cannot dispute the same. Alongwith the original return of income the assessee had furnished all the details of income which includes the audited P&L Account, balance sheet of but the unit as well as the company as a whole, certificate in form No. 10 CCB issued by a Chartered Accountant which includes the particulars of income from sublicensing. There is no dispute that the assessee furnished all these material particulars along with the original return of income. When the facts remain like this, the question is whether it is permissible for the assessing officer to draw an inference that the assessee tried to conceal the income by showing higher amount of deduction under section 80 IC of the Act. As decided in RELIANCE PETROPRODUCTS PVT. LTD. [2010 (3) TMI 80 - SUPREME COURT] by any stretch of imagination, making an incorrect claim in law cannot tantamount to furnishing inaccurate particulars and that it must be shown that the conditions under section 271(1)(c) must exist before the penalty is imposed. The Hon’ble Apex Court further observed that there can be no dispute that everything would depend upon the return filed because that is the only document, where the assessee can furnish the particulars of his income. - Decided in favour of assessee
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