TMI Blog2019 (6) TMI 1049X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee are allowed. - ITA No. 6622/Mum/2017 - - - Dated:- 11-6-2019 - Shri Pawan Singh, Judicial Member And Shri M. Balaganesh, Accountant Member For the Appellant : Shri Reepal Traalshawala (C.A) For the Respondent : Shri Satish Rajore (Sr. DR) ORDER UNDER SECTION 254(1)OF INCOME TAX ACT PER PAWAN SINGH, JUDICIAL MEMBER; 1. This appeal by assessee is directed against the order of ld. Commissioner of Income Tax (Appeals)-17 [the ld. CIT(A)], Mumbai dated 02.08.2017 for Assessment Year 2010-11. The assessee has raised the following grounds of appeal: Penalty u/s.271(1)(c) confirmed of ₹ 3,10,926/- may be delet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... furnishing inaccurate particulars. On appeal before the ld. CIT(A), the addition/disallowance was restricted to ₹ 10,36,420/- vide order dated 17.01.2013 . On respect of order of ld. CIT(A) in quantum assessment, the Assessing Officer issued show-cause notice dated 19.02.2015. The assessee filed its reply dated 15.03.2015. In the reply, the assessee stated that penalty proceeding is time barred. The reply of assessee was not accepted by Assessing Officer holding that as per the provision of section 275, the penalty is imposable within one year from the end of Financial Year during which the appellate order is received. Therefore, the penalty order has to be passed on or before 31.03.2015. The Assessing Officer passed the penalty order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cision of Reliance Petrochemicals products [322 ITR 158 (SC)]. 4. On the other hand, the ld. Departmental Representative (DR) for the revenue supported the order of lower authorities. The ld. DR further submits that the addition/disallowance made by Assessing Officer was confirmed by ld. CIT(A). The assessee has accepted the addition/disallowance and no further appeal is filed before the Tribunal. The disallowance made by Assessing Officer attains finality. Therefore, the penalty is leviable on the disallowance. The assessee has not shown any reasonable cause while filing reply to the show-cause issued by Assessing Officer. 5. We have considered the submission of both the parties and have g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 271(1)( c ) would embrace the meaning of the details of the claim made. The court further observed that in Webster's Dictionary, the word inaccurate has been defined as: not accurate, not exact or correct; not according to truth; erroneous; as an inaccurate statement, copy or transcript. The court observed that reading the words inaccurate and particulars in conjunction, they must mean the details supplied in the return, which are not accurate, not exact or correct, not according to truth or erroneous. The court noted that it was an admitted position that no information given in the return was found to be incorrect or inaccurate. It was not as if any statement made or any detail supplied was found to be factually incorrect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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