Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (12) TMI 1413 - AT - Income TaxPenalty u/s 271(1)(c) - Exemption u/s 11 denied - Held that:- In the present case, it is an admitted fact that the claim of the assessee for exemption u/s 11 of the Act was earlier allowed by the AO up to the assessment year 1988-89 and thereafter upto assessment year 2007-08, for the year under consideration also the claim of the assessee was allowed by the ITAT. Subsequently the Hon’ble Jurisdictional High Court did not allow the claim of the assessee u/s 11 of the Act. However, SLP is pending before the Hon’ble Supreme Court. Therefore, it can be said that the issue relating to the claim of exemption u/s 11 of the Act is highly a debatable and legal issue. Therefore, it cannot be said that the assessee furnished inaccurate particulars of income or concealed its income. See CIT vs. Reliance Petro Products [2010 (3) TMI 80 - SUPREME COURT] In the present case also the claim of the assessee for exemption u/s 11 has not been allowed by the AO on the basis of the judgment of the Hon’ble High Court. Therefore, not allowing the claim of the assessee u/s 11 of the Act itself cannot tantamount to furnishing of inaccurate particulars of income - Decided in favour of assessee.
|