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2019 (9) TMI 187 - AT - Income TaxPenalty levied u/s 271(1)(c) - whether there was concealment of income or filing of inaccurate particulars - HELD THAT:- In the instant case, the assessee has furnished all the details to the AO as well as to the Special Auditor appointed by the Department. AO has failed to bring any material to justify that there was concealment of income or filing of inaccurate particulars. In the case of CIT v. Reliance Petroproducts (P.) Ltd. [2010 (3) TMI 80 - SUPREME COURT] held that the mere making of claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding income of assessee. Merely because assessee had claimed expenditure, which claim was not accepted or was not acceptable to the revenue, that by itself would not attract penalty u/s 271(1)(c) of the Act. Respectfully following the decision in Reliance Petroproducts (P.) Ltd. (supra), we uphold the order of the Ld. CIT(A). - Decided in favour of assessee.
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