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TMI Blog2018 (5) TMI 1733X X X X Extracts X X X X X X X X Extracts X X X X ..... case where the assessee filed return on 26.07.2009, declaring total income of Rs. 1,52,72,495/- after claiming benefit of deduction under Section 80IC of the Act at Rs. 18,54,42,574/-. The case came to be selected for scrutiny and notice was issued under Section 143 (2) on 10.08.2013. After issuance of the notice under Section 143 (2) of the Act, the assessee filed revised return declaring nil income by claiming deduction under Section 80IC of the Act to the extent of Rs. 20,07,15,069/-, which includes business income as well as interest accrued on FDRs of Rs. 1,52,72,495/-. The assessee, it appears, produced certificate in Form 10CCB for claiming deduction under Section 80IC of the Act. The Auditor has certified that deduction under Secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... out Explanation 1 to Section 271 (1) of the Act, which reads as under :- "Explanation 1. - Where in respect of any facts material to the computation of the total income of any person under this Act, - (A) such person falls to offer an explanation or offers an explanation which is found by the [Assessing Officer] or the [Commissioner (Appeals)] [or the [Principal Commissioner or Commissioner]] to be false, or (B) such person offers an explanation which he is [not able to substantiate and fails to prove that such explanation is bona fide and that all the facts relating to the same and material to the computation of his total income have been disclosed by him], then, the amount added or disallowed in computing the total income of such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . When such particulars are found to be inaccurate, the liability would arise. To attract penalty, the details supplied in the return must not be accurate, not exact or correct, not according to the truth or erroneous. Where there is no finding that any details supplied by the assessee in its return are found to be incorrect or erroneous of false there is no question of inviting the penalty under section 271 (1) (c). A mere making of a claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding the income of the assessee. Such a claim made in the return cannot amount to furnishing inaccurate particulars." 8. Therefore, mere making of claim which is found to be not sustainable in law ..... X X X X Extracts X X X X X X X X Extracts X X X X
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