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2012 (11) TMI 221 - ITAT, KOLKATAPenalty u/s 271(1)(c) – Concealment of Income - Following the decision of court in case of [CIT vs Reliance Petroproducts Ltd, 2010 (3) TMI 80 - SUPREME COURT ] held that:- Assessee cannot be held guilty of furnishing inaccurate particulars – making an incorrect claim in law cannot tantamount to furnishing of inaccurate particulars- Merely because the assessee claimed deduction u/s 80IB which has not been accepted by the Revenue, penalty under s.271(1)(c) is not attracted – If the contention of the revenue is accepted, the assessee would be liable for penalty under s.271(1)(c) in every case where the claim made by the assessee is not accepted by the AO for any reason – That is clearly not the intendment of the legislature - no infirmity in the orders of ld. CIT(A) - In the result the appeal of the revenue is dismissed.
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