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TMI Blog2017 (1) TMI 1321X X X X Extracts X X X X X X X X Extracts X X X X ..... of ld. CIT (Appeals)-I, Jaipur dated 18.01.2016 pertaining to A.Y. 2009-10. The assessee has raised the following grounds of appeal :- " That on the facts and in the circumstances of the case and in law, the ld. CIT (Appeals) erred in upholding the penalty of Rs. 3,50,610/- levied u/s 271(1)(c) of the I.T. Act." 2. Briefly stated the facts are that the case of the assessee was picked up for s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dismissed the appeal thereby confirmed the penalty imposed by the AO. 3. Now the assessee has filed the present appeal. 4. The ld. Counsel for the assessee has reiterated the submissions as made in the written brief. The ld. Counsel submitted that the AO framed the assessment at Rs. 1,23,43,166/- against the income declared at Rs. 1,06,12,738/-. The AO made disallowance on account of Repair and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 'ble Supreme Court rendered in the case of CIT vs. Reliance Petroproducts Pvt. Ltd., 322 ITR 158 (SC) and submitted that the Hon'ble Apex court has held that the words "inaccurate" and "particulars" in conjunction mean the details supplied in the return, which are not accurate, not exact or correct, not according to truth or erroneous. The ld. Counsel submitted that the judgment relied on by ld. C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ontrary, the ld. D/R opposed the submissions and submitted that there is no dispute with regard to the fact that loan was advanced out of the over draft facility. The assessee was aware that the advance was given not for the business purpose. He submitted that at one hand the assessee is paying interest to the bank and on the other hand the same amount is advanced to the partner without charging i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s on which the assessee had claimed interest. Under these facts, we are unable to accept the submission of the ld. Counsel for the assessee that the issue is squarely covered by the judgment of Hon'ble Supreme Court rendered in the case of Reliance Petroproducts Ltd. (supra). The assessee has not placed any material suggesting that the issue is debatable in view of the fact that there is a direct ..... X X X X Extracts X X X X X X X X Extracts X X X X
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