TMI Blog2010 (7) TMI 1113X X X X Extracts X X X X X X X X Extracts X X X X ..... s appeal has been filed by the revenue against the order of the CIT(A), Kolkata dated 10.02.2010 for the assessment year 2005-06. 2. The only issue raised by the revenue in this appeal is relating to the deletion of the penalty u/s 271(1)(c) of the Income Tax Act. Brief facts of this issue emerging from the impugned order are that the A.O. in the last paragraph of the order passed u/s 271(1)(c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dden, camouflaged or covered up so as it cannot be seen , found, observed or discovered. The expression furnishing of inaccurate particulars of income implies furnishing of details or information of above income which are not in conformity with the facts or truth. It does not extend to subjective areas such as the taxability of income, admissibility of a deduction or interpretation of law. The mak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has deleted the penalty by observing that in his view the assessee has furnished all the relevant information , particulars and explanation in support of the claim made for deduction as bad debt. The learned A.R. argued that there was no tax payable even after the disallowances because of the carry forward losses in the case of the assessee. The learned A.R. also argued that the appellant compa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... illful and conscious attempt on the part of the assessee company to avoid tax. The CIT(A) was of the view that the assessee has neither concealed nor furnished any inaccurate particulars of income warranting levy of penalty u/s 271(1)(c). 5 Aggrieved by this now the revenue is in appeal before us. At the time of hearing before us, the learned D.R., appearing on behalf of the revenue, has heavil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... then in case of every return where the claim made is not accepted by the A.O. for any reason, the assessee will invite penalty u/s 271(1)(c) . That is clearly not the intendment of the Legislature. Therefore, he requested to uphold the order of the CIT(A). 7. After hearing the rival submissions and careful perusal of the materials available on record and respectfully following the ratio laid do ..... X X X X Extracts X X X X X X X X Extracts X X X X
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