TMI Blog2010 (6) TMI 21X X X X Extracts X X X X X X X X Extracts X X X X ..... amount of investment written off was disallowed by the Assessing Officer and the same was affirmed up to the level of the tribunal. – tribunal deleted the penalty – Held that: It is a case where a claim put forth by the assessee as regards the loss was not accepted but that would not per se tantamount to furnishing any kind of inaccurate particulars – no concealment of income – no penalty - 732/2010 - - - Dated:- 3-6-2010 - Appellant through: Mr. Sanjeev Sabharwal, Adv. Respondent through: Mrs. Kavita Jha, Ms. Akansha Aggarwal, Advocates CORAM: Hon'ble The Chief Justice Hon'ble Mr. Justice Madan B. Lokur DIPAK MISRA, CJ In this appeal under Section 260A of the Income Tax Act, 1961 (for brevity "the Act"), the re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o substantiate the same. Accordingly, the assessing officer imposed the penalty under Section 271(1)(c) of the Act. 5. The aforesaid order was assailed in appeal before CIT(Appeals) who affirmed the order of the Assessing Officer by expressing the view that the assessee had knowingly and deliberately furnished inaccurate particulars of income. The appellate authority expressed the view that the legislature had already by way of inserting Explanation (1B) in Section 271(1)(c) had shifted the onus from the revenue to the assessee and, therefore, it was obligatory on the part of the assessee to prove that there was no mens rea on his part in filing inaccurate particulars of income. It was also held that the assessee was required to prove in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sultant factor is keeping off or hiding a portion of its income which would fall in the category of furnishing inaccurate particulars of its income. Being of this view, the tribunal has opined that there had been disclosure of all particulars of income in the return and, therefore, the imposition of penalty under Section 271(1)(c) of the Act was not justified. 7. We have heard Mr. Sanjeev Sabharwal, learned counsel for the Appellant and Mrs. Kavita Jha and Ms. Akansha Aggarwal for the assessee respondent. 8. It is submitted by Mr. Sabharwal that a substantial question of law is involved in appeal inasmuch as the finding recorded by the tribunal is perverse inasmuch as the assessee had deliberately furnished inaccurate particulars of inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is New International Dictionary equates its meaning "to hide or withdraw from observation, to cover or keep from sight; to prevent the discovery of; to withhold knowledge of". The offence of concealment is thus a direct attempt to hide an item of income or a portion thereof from the knowledge of the income-tax authorities. In furnishing its return of income, an assessee is required to furnish particulars and accounts on which such return income has been arrived at. These may be particulars as per its books of account, if it has maintained them, or any other basis upon which it had arrived at the returned figure of income. Any inaccuracy made in such books of account or otherwise which resulted in keeping off or hiding a portion of its incom ..... X X X X Extracts X X X X X X X X Extracts X X X X
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