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2018 (1) TMI 137 - AT - Income TaxPenalty u/s 271(1)(c) - Held that:- Assessing Officer, in the penalty order, has observed that the assesseee has furnished inaccurate particulars. The AO has held that the act of not adding back the impugned amount to the computation of income was an act of furnishing of inaccurate particulars of income. The Ld. CIT (A) has also confirmed the imposition of penalty. However, with regard to the provisions of section 271(1)(c ) of the Act pertaining to penalty, the Hon’ble Apex Court has authoritatively laid down that making of a claim by the assessee which is not sustainable will not tantamount to furnishing inaccurate particulars. See CIT vs. Reliance Petroproducts Pvt. Ltd. (2010 (3) TMI 80 - SUPREME COURT ) - Decided in favour of assessee
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