TMI Blog2018 (4) TMI 173X X X X Extracts X X X X X X X X Extracts X X X X ..... een admitted in the Hon’ble High Court. So, finding no illegality or perversity in the findings returned by the ld. CIT (A), present appeal filed by the Revenue is dismissed. - ITA No.2640/Del./2014 - - - Dated:- 31-1-2018 - Shri B.P. Jain, Accountant Member and Shri Kuldip Singh, Judicial Member ASSESSEE BY : Shri Vijay Jindal, CA REVENUE BY : Shri Ravi Kant Gupta, Senior DR ORDER PER KULDIP SINGH, JUDICIAL MEMBER : The Appellant, DDIT, Circle 1(1), New Delhi (hereinafter referred to as the Revenue ) by filing the present appeal sought to set aside the impugned order dated 05.06.2014 passed by the Commissioner of Income-tax (Appeals)-XXIX, New Delhi deleting the penalty levied u/s 271(1)(c) of the Income-tax Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 27,182/- on account of discrepancies in the valuation of closing stock and proceeded to levy the penalty of ₹ 36,32,553/-. 3. Assessee carried the matter by way of filing appeal before the ld. CIT (A) who has deleted the penalty by allowing the appeal of the assessee. Feeling aggrieved, the Revenue has come up before the Tribunal by challenging the impugned order passed by ld. CIT (A). 4. We have heard the ld. Authorized Representatives of the parties to the appeal, gone through the documents relied upon and orders passed by the revenue authorities below in the light of the facts and circumstances of the case. 5. Undisputedly, addition made by the AO of ₹ 68,23,535/- on account of disallowance of benefit u/s 10(38) of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 to section 271(1)(c) is not attracted in this case as the assessee has duly explained the mistake which can be a human error. 9. Hon ble Supreme Court in a case cited as Reliance Petro Products Pvt. Ltd. 322 ITR 158 (S.C.) decided the identical issue in favour of the assessee. Operative part of which is reproduced for ready reference as under :- A glance at the provisions of section 271(1)(c) of the I.T. Act, 1961 suggests that in order to be covered by it, there has to be concealment of the particulars of the income of the assessee. Secondly, the assessee must have furnished inaccurate particulars of his income. The meaning of the word particulars used in section 271(1)(c) would embrace the detail of the claim made. Whe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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