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2010 (6) TMI 21 - HC - Income TaxPenalty u/s 271(1)(c) - it was explained by the assessee that the investments were written off in the books of account and were claimed as deduction on account of loss occurred to the assessee in the computation of total income. It was urged that as the entire facts were disclosed in the return, it could not be treated as concealment of income. The stand put forth by the assessee was rejected on the ground that the assessee had made certain claims by way of business expenditure in the return but was unable to substantiate the same. Accordingly, the assessing officer imposed the penalty under Section 271(1)(c) of the Act. - The amount of investment written off was disallowed by the Assessing Officer and the same was affirmed up to the level of the tribunal. – tribunal deleted the penalty – Held that: It is a case where a claim put forth by the assessee as regards the loss was not accepted but that would not per se tantamount to furnishing any kind of inaccurate particulars – no concealment of income – no penalty
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