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2021 (6) TMI 461 - AT - Income TaxLevying the penalty u/s.271(1)(c) - deduction u/s.54F of the Act was not correct claim as per observation of the Department - HELD THAT:- As assessee had declared the full facts; the full factual matrix or facts were before the AO while passing the assessment order. It is another matter that the claim based on such facts were found to be inadmissible. This is not the same thing as furnishing inaccurate particulars of income as contemplated under Section 271(1) (c). It is settled proposition of the law that a misconceived or wrong claim for deduction or exemption in the return of income filed does not automatically attract penalty under Section 271(1)(c) - Just for making wrong claims made advertently or inadvertently, therefore, penalty cannot be levied u/s.271(1)(c) of the Act and further the Lower Authorities have not given any findings regarding either “concealment of income” or “furnishing of inaccurate particulars of income” by the assessee. We are of the considered view, this is not a fit case for imposing penalty - Decided in favour of assessee.
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