TMI Blog2014 (4) TMI 661X X X X Extracts X X X X X X X X Extracts X X X X ..... entire matter has to be looked into afresh, though the finding given in the assessment proceedings can be taken help of - the AO was not justified in levying penalty u/s 271(1)(c) of the Act on the disallowance of Portfolio Management Charges – the order of the CIT(A) set aside the AO is directed to delete the penalty u/s 271(1)(c) of the Act – Decided in favour of Assessee. - I.T.A. No. 5711/Mum/2012 - - - Dated:- 28-2-2014 - Shri B. R. Mittal, JM And Shri B. R. Baskaran, AM,JJ. For the Appellant : Shri Sitansh P. Raichura For the Respondent : Shri Surendra Kumar, DR ORDER Per B. R. Baskaran, AM : The appeal filed by the assessee is directed against the order dated 29-06- 2012 passed by Ld CIT(A)-10, Mumbai a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 to sec. 271 shall have automatic operation. The Ld CIT(A) also upheld the penalty on the reasoning that the assessee has made a claim which is not tenable in law. Aggrieved, the assessee has filed this appeal before us. 3. The Ld AR, by placing reliance on the following case law, submitted that the penalty is not exigible on the disallowances made in the assessment proceedings, when no fault was found with the particulars furnished by the assessee. (a) M/s Ellora Investment Co. P Ltd Vs. ITO (ITA No.3020/Mum/2010) (b) Mr. Satish M Gupta Vs. ACIT (ITA No.3990/Mum/2010) (c) Mr. Mukesh M Gupta (ITA No.3989/Mum/2010) 4. On the contrary, the Ld D.R placed strong reliance on the order passed by Ld CIT(A). 5. We have heard the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . In the three cases relied upon by the assessee, the co-ordinate benches of the Tribunal have placed reliance on the decision of Hon ble Supreme Court in the case of Reliance Petroproducts (P) Ltd (322 ITR 158), wherein the Hon ble Apex Court noted that in this case, there is no finding that any details supplied by the assessee in its return were found to be incorrect or erroneous or false and added that such being the case, there would be no question of inviting the penalty under section 271(1)(c) of the Act and that a mere making of the claim, which is not sustainable in law, by itself, will not amount to furnishing of inaccurate particulars regarding income of the assessee . In the instant case also, there is no finding that the de ..... X X X X Extracts X X X X X X X X Extracts X X X X
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