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TMI Blog2015 (10) TMI 160X X X X Extracts X X X X X X X X Extracts X X X X ..... the department. The assessee has represented all the particulars of income in the return/computation and no information given in the same is either incorrect or incomplete. All the specifics of the income are furnished. 2. That the Ld. CIT officer has erred in adopting that the assessee has concealed the particulars of income and has relied on the view that it was intentional on the part of the assessee to conceal income. All the facts and figures are kept before and disallowance made in the assessment is solely on account of different view taken on the same facts and hence the same can be termed as difference of opinion and not a case of concealed income and thus penalty cannot be imposed on such difference of opinion. 3. That the Ld. CI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lised the assessment on 27.10.2009 u/s.143(3) of the Act determ -ining the income of the assessee at Rs. 36.49 Lakhs.During the assessment proceedings,the AO found that assessee had claimed expenses to the extent of Rs. 4,83,368/- u/s. 57 of the Act.On perusal of the computation of income,he further found that the assessee had offered interest income to the tune of Rs. 1,00,308/- and as against the said amount she had debited interest and other expenses to the extent of Rs. 4.83 Lakhs resulting in loss under the head "Income from Other Sources" to the tune of Rs. 3.83 Lakhs.Considering these facts, AO held that as per the provisions of section 57 of the Act, assessee could claim expenses u/s. 57 to the expenditure if same were necessary to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee and penalty order, the FAA held that the expenditure claimed to have been incurred for making investment in shares would be deductible for computing capital gains,that the expenditure claimed under the head income from other sources would amount to furnishing of inaccurate particulars of income,that expenditure incurred for earning dividend was not allowable on account of provisions of section 14A of the Act,that claiming deduction for interest expenditure for earning capital gains and dividend income was not justified,that the assessee had acted in a reckless manner, that the claim made by the assessee for deduction of interest paid against the interest income (as revenue expenses) was not bonafide,that the amount was borrowed to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er the provisions of a particular section (section 57)shows that she knew the implication of such claim.Under the Act,the income of an assessee is one and various sections direct the modes in which the income is to be levied. No one of those sections can be treated as general or specific for the purpose of any one particular source of income ; they are all specific and deal with various heads in which an item of income of an assessee falls. These sections are mutually exclusive and where an item of income falls specifically under one head, it has to be charged under that head and no other.Similarly,expenditure incurred by the assessee are directly related to the heads under which same could be claimed.If the assessee makes a claim to reduce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... there was omission on her part. But,explanation filed by her was not found bona fide by both the authorities.Once the assessee filed explanation and it is found to be not genuine,penalty u/s.271(1)(c)has to levied.In our opinion that facts of the case under appeal are distinguishable from the facts of Aditya Birla Nova Ltd.(supra). In the case of Stingrey Traders P.Ltd.(supra)the FAA had held that the explanation given by the assessee was bona fide and the assessee had not agreed that there was omission on its part.It was also found that the legal expenditure incurred by the assessee was to protect its business interest.We are of the opinion that facts of both the cases are not comparable.In the matter of Nalin P Shah(supra)the assessee ha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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