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2022 (8) TMI 452 - AT - Income TaxLevy of penalty u/s 271(1)(c) - claim of deduction u/s 36(1)(viia) is not in accordance with the provisions of the Act and not found to be correct - HELD THAT:- Respectfully following the judgement of the Hon’ble Supreme Court in RELIANCE PETROPRODUCTS PVT. LTD. [2010 (3) TMI 80 - SUPREME COURT]wherein, it was held that making an incorrect claim in law cannot tantamount to furnishing of inaccurate particulars and the decision of the Hon’ble Jurisdictional High Court in the case of CIT v. Cholamandalam Investment & Finance Co. Ltd. [2014 (3) TMI 774 - MADRAS HIGH COURT] wherein, it was held that mere making of a claim, which is not sustainable in law, by itself, would not amount to furnishing of inaccurate particulars regarding the income of the assessee and that such a claim made in the return cannot amount to furnishing inaccurate particulars, we set aside the orders of authorities below and delete the penalty levied under section 271(1)(c) of the Act. - Decided in favour of assessee.
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