TMI Blog2018 (2) TMI 1205X X X X Extracts X X X X X X X X Extracts X X X X ..... ven then the penalty u/s 271(1)(c) cannot be imposed as held by Hon'ble Supreme Court in the case of CIT vs. Reliance Petroproducts (P.) Ltd. (2010 (3) TMI 80 - SUPREME COURT) wherein held that every wrong claim made by the assessee cannot tantamount to furnishing of wrong particulars of income or concealment of income - Decided in favour of assessee. - ITA No. 523/Lkw/2016 - - - Dated:- 11-1-2018 - Shri T. S. Kapoor, Accountant Member And Shri Partha Sarathi Chaudhury, Judicial Member Appellant by Shri Ashish Jaiswal, Advocate Respondent by Shri Ajay Kumar, D. R. ORDER Per T. S. Kapoor, A. M. This is an appeal filed by the assessee against the order of CIT(A) dated 26/07/2016. 2. The only grievance raised by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... page No. 3 of the paper book showing claim of the said depreciation. From the above documents itself, the Assessing Officer has observed that the assessee has claimed depreciation to the extent of ₹ 2,57,677/- and therefore, it cannot be said that the assessee had concealed income or had furnished wrong particulars of income. Even if it is presumed that assessee was not eligible for allowance of depreciation even then the penalty u/s 271(1)(c) cannot be imposed as held by Hon'ble Supreme Court in the case of CIT vs. Reliance Petroproducts (P.) Ltd. (supra) wherein Hon'ble Supreme Court has held that every wrong claim made by the assessee cannot tantamount to furnishing of wrong particulars of income or concealment of income. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee can furnish the particulars of his income. When such particulars are found to be inaccurate, the liability would arise. [Para 8] The word 'particulars' must mean the details supplied in the return, which are not accurate, not exact or correct, not according to truth or erroneous. In the instant case, there was 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 no question of inviting the penalty under section 271(l)(s). A mere making of the claim, which is not sustainable in law by itself will not amount to furnishing of inaccurate particulars regarding the income of the assessee. Such claim made in the return cannot ..... X X X X Extracts X X X X X X X X Extracts X X X X
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