2010 (3) TMI 80 - SC - Income Tax

Penalty under section 271(1)(c)– Concealment of Income –In this case Supreme Court held that Tribunal, as well as, the Commissioner of Income-tax (Appeals) and the High Court have correctly reached this conclusion as where there is no finding that any details supplied by the assessee in its return are found to be incorrect or erroneous or false there is no question of inviting the penalty under section 271(1)(c). A mere making of a claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding the income of the assessee. Such a claim made in the return cannot amount to furnishing inaccurate particulars. The appeal is dismissed. – Decision in favor of assessee – against the revenue