TMI Blog2018 (7) TMI 750X X X X Extracts X X X X X X X X Extracts X X X X ..... naccurate particulars of such income’ by the assessee, so as to attract the provisions contained u/s 271(1)(c) of the Act, hence penalty levied by the AO and confirmed by the Ld. CIT(A) is hereby ordered to be deleted - Even at the time of issuance of the notice as well as at the time of passing the penalty order, AO was not clear, “as to whether the penalty proceedings are being initiated for ‘concealment of the particulars of income or furnishing inaccurate particulars of income’, rather the assessee has been charged for having ‘concealed the particulars of income as well as furnishing inaccurate particulars of such income - Decided in favour of assessee - ITA No:- 120/Del/2016 - - - Dated:- 10-7-2018 - SHRI N.K SAINI, ACCOUNTANT MEMBE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hing of inaccurate particulars of income of ₹ 2057372/- and thereby levied a penalty of ₹ 699500/- u/s 271(1)(c) of the Act. 3. The assessee carried the matter before the Ld. CIT(A) by way of filing the appeal, who has deleted the penalty imposed by the AO qua addition of ₹ 494230/- on account of disallowance u/s 40A(3), however, confirmed the penalty of ₹ 494230/- levied by the AO. Feeling aggrieved, the assessee has come up before the Tribunal by way of filing the present appeal. 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urate, the assessee cannot be held guilty of furnishing inaccurate particulars. In order to expose the assessee to penalty, unless the case is strictly covered by the provision, the penalty provision cannot be invoked. By no stretch of imagination can making an incorrect claim tantamount to furnishing inaccurate particulars. There can be no dispute that everything would depend upon the return filed by the assessee, because that is the only document where the assessee can furnish the particulars of his income. 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 ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ECTION 271 OF THE INCOME TAX ACT, 1961 PAN-AAACR7619C Deputy Commissioner of Income-Tax Circle-15(1), New Delhi Dated: 24.12.2013 To, M/s Replika Press Pvt. Ltd. B-214, Ashok Vihar, Phase-I, Delhi-110052. Whereas in the course of proceedings before me for the assessment year 2011-12 it appears to me that you:- * have without reasonable caused failed to comply with a notice under section 142(1)/143(2) of the Income Tax Act, 1961 dated * have concealed the particulars of your income or furnished inaccurate particulars of such income in terms of explanation 1,2,3,4 and 5. You are hereby requested to appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Manjunatha Cotton Ginning Factory [2013] 359 ITR 565/218 Taxman 423/35 taxmann.com 250, allowed appeal of assessee holding that notice issued by Assessing Officer under section 274 read with section 271(1)(c) was bad in law, as it did not specify under which limb of section 271(1)(c) penalty of proceedings had been initiated, i.e., whether for concealment of particulars of income or furnishing of inaccurate particulars of income-High Court held that matter was covered by aforesaid decision of Division Bench and, therefore, there was no substantial question of law arising for determination-whether since there was no merit in SLP filed by revenue, same was liable to be dismissed- Held, yes [para 2] [in favour of assessee] 12. In vie ..... X X X X Extracts X X X X X X X X Extracts X X X X
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