TMI Blog2012 (7) TMI 359X X X X Extracts X X X X X X X X Extracts X X X X ..... rticulars - decided in favour of assessee. - I.T.A No. 4076, 4077/Del/11 - - - Dated:- 22-6-2012 - SHRI U.B.S. BEDI, AND SHRI K.G. BANSAL, JJ. Appellant by: Shri Deevender Singh, DR Respondent by: Shri Rano Jain, CA V Mohan ORDER PER K.G. BANSAL, AM: Both these appeals of the assessee raise common grounds against levy of penalty u/s 271(1)(c) of the Income Tax Act, 1961. The amount of penalty in assessment year 2003-04 is Rs. 15.40 lacs and the amount in assessment year 2004-05 is Rs. 9.30 lacs. The assessee has challenged the levy of penalty on the ground that the penalty order is barred by limitation. The order has also been challenged on merits. It may be mentioned here that the penalty has been levied on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nue accepted the order of the Ld. CIT(A), But the assessee filed appeal before the Tribunal. The Tribunal grants further relief in order dated 13.10.2009 and sets aside matter to the file of the AO for recomputing the relief by identifying proximate source of income. This assessment is pending. However, in the penalty order, AO computing the deduction at Rs. 2,26,11,024/- against the deduction of Rs. 2,52,41,632/- made in order u/s 154 dated 11.3.2005. This computation is incorrect and the correct figure should have been Rs.2,52,41,632/-. 2.2 It is argued that there is no charge against the assessee for furnishing inaccurate particulars of income. The penalty has been levied merely because the claim in the revised return at Rs.2,67,48,176 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the assess also falls to prove that the explanation furnished by him was bona fide and that he had disclosed all material facts necessary for assessment, explanation 1 operates. 8. The Hon. Courts concluded that giving effect to a legal consequence on a certain existing state of affairs which has been ordained by a statute does not require any specific notice of intention. The statutory provision in question comes into operation by its force once the conditions mentioned in clause (A) or clause (B) comes into existence. 9. As the assessee has furnished inaccurate particulars of income, I hold the assessee a defaulter u/s 271(1)(c) and the issue of penalty is being decided as under :- 10. Section 271(c) contemplates levy of penalty i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submissions made before us. We find that the facts of this case are in pari materia with the facts of the case of Reliance Petroproducts Pvt. Ltd., in as much as the order does not point towards inaccurate facts submitted by the assessee in making the aforesaid claim. The relevant portion of this decision is reproduced below:- We are not concerned in the present case with the mens rea. However, we have to only see as to whether in this case, as a matter of fact, the assessee has given inaccurate particulars. In Webster s Dictionary, the word inaccurate has been defined as: not accurate, not exact or correct; not according to truth; erroneous as an inaccurate statement, copy or transcript. We have already seen the meaning of the wo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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