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2021 (8) TMI 585 - AT - Income TaxPenalty u/s 271(1)(c) - defective notice u/s 274 - whether the impugned proceedings were initiated on the ground that the Appellant has concealed particulars of its income or on the ground that it furnished inaccurate particulars of its income? - HELD THAT:- Merely because the assessee had claimed the expenditure, which claim was not accepted or was not acceptable to the revenue, that, by itself, would not attract the penalty under section 271(1)(c). If the contention of the revenue was accepted, then in case of every return where the claim made was not accepted by the Assessing Officer for any reason, the assessee would invite penalty under section 271(1)(c). That is clearly not the intendment of the LegislatureAO has not brought any material on record to prove that the assessee has furnished inaccurate particulars of income or concealed particulars of income. In our opinion, this is not a fit case for levy of penalty u/s. 271(1)(c) of the Act - Decided in favour of assessee.
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