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2015 (8) TMI 4 - AT - Income TaxPenalty u/s 271(1)(c) - disallowance of interest paid and disallowance of the expenditure claimed - CIT(A) deleted penalty levy - Held that:- Expenditure of interest payment claimed by the appellant was not fictitious or bogus. It was a genuine expenditure claimed by the appellant and same was paid to the person from who loans were taken. There was no concealment of facts or furnishing of inaccurate particulars of income. The appellant has disclosed all the facts of the interest expenditure in the return of income and claim was made on the basis of payment made to the persons. Similarly, the deferred revenue expenditure was claimed on the basis of consistent method followed by the appellant. The expenditure in question was revenu9e but same was deferred for future years to be claimed against the income of future years. The expenditure was to be amortized in 5 years period and 1/5th was too be claimed every year. The amount debited of ₹ 22, 62,376/- consisted of ₹ 8, 04,076/- for A.Y 2008-09 and the balance amount of ₹ 14,58,300/- was pertaining to earlier years. The expenditure was revenue in nature and same was not bogus or not genuine. Everything was disclosed in the return of income and there was concealment or furnishing of inaccurate particulars. The disallowance made by the Assessing Officer was on the basis of difference of opinion. Any disallowance made on the basis of difference of opinion is not sufficient for arriving at conclusion that appellant has furnished inaccurate particulars of income or has concealed the income. The appellant has not furnished any inaccurate particulars in the return of income. Mere making a claim which is not sustainable in law by itself will not amount to furnishing of inaccurate particulars regarding the income of the appellant. Such claim made in the return of income cannot amount to the inaccurate particulars of income. - Decided in favour of assessee.
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