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2016 (7) TMI 407 - GUJARAT HIGH COURT

2016 (7) TMI 407 - GUJARAT HIGH COURT - TMI - Penalty levied under Section 271(1) (c) - undervaluation of closing stock and disallowance on account of rejection of deduction u/s. 80I - Held that:- A mere making of the claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding the income of the assessee. Such claim made in the Return cannot amount to the inaccurate particulars. See Reliance Petroproducts Pvt Ltd [2010 (3) TMI 80 - SUPREME COU .....

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ted 26/10/2007 passed by the ITAT in ITA No.987/Ahd/2007 for assessment year 20012002 and Tax Appeal No.901 of 2008 challenges the order dated 26/10/2007 passed by the ITAT in ITA No.1239/Ahd/2007 for assessment year 20012002. 2. The short facts of the case are that the assessee-Cooperative Society was engaged in the manufacturing of milk and milk products popularly known as Dudhsagar Dairy . The return of inomce was filed on 30/10/2001 declaring NIL total income. The same was processed and it w .....

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s carried before the CIT (A) and the CIT (A) has upheld the addition on merits but has granted relief in respect of the quantum of addition to the extent of ₹ 66,74,267/and thus CIT (A) confirmed the entire disallowance of ₹ 2,71,61,762/. The penalty order was contested by the assessee before the CIT (A) and appeal of the assessee was decided and CIT (A) confirmed the levy of penalty in respect of under valuation of closing stock and deleted the penalty in respect of the addition und .....

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he Appellate Tribunal was justified in deleting the penalty levied under Section 271(1) (c) in respect of undervaluation of closing stock and disallowance on account of rejection of deduction u/s. 80I of the Act, 1961? 4. Learned Counsel for the appellant has contended that there is inconsistency in the closing stock and therefore deduction under Section 80I ought not to have been granted by the learned Tribunal or the CIT (A). He has further contended that there is discrepancy in the deduction .....

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under: 11. We have already seen the meaning of the word "particulars" in the earlier part of this judgment. Reading the words in conjunction, they must mean the details supplied in the Return, which are not accurate, not exact or correct, not according to truth or erroneous. We must hasten to add here 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. Such not being the case, there would be n .....

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orm part of the total income under the Act. It was further pointed out that the dividends from the shares did not form the part of the total income. It was, therefore, reiterated before us that the Assessing Officer had correctly reached the conclusion that since the assessee had claimed excessive deductions knowing that they are incorrect; it amounted to concealment of income. It was tried to be argued that the falsehood in accounts can take either of the two forms; (i) an item of receipt may b .....

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