TMI Blog2024 (3) TMI 1207X X X X Extracts X X X X X X X X Extracts X X X X ..... ) was due to the change in the business profit and it cannot be said that assessee has furnished inaccurate particulars of income - It is department s case that only because assessee has offered income and not claimed deductions in the return of income would not absolve assessee from the liability of Section 271(1)(c) HELD THAT:- TAT, in our view, correctly held that provisions of Section 271(1)(c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by itself, will not amount to furnishing inaccurate particulars regarding the income of assessee, such claim made in the return cannot amount to be inaccurate particulars. Decided in favour of assessee. - K.R. SHRIRAM DR. NEELA GOKHALE, JJ. For the Appellant : Mr. Suresh Kumar a/w Dr. Dhanalakshmi Iyer. For the Respondent : Ms A Vissanji. P.C. : 1. The following two substantial questions of law ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e merits of the reasons for variation in the business profit as worked out by the A.O. 2. Assessee-respondent, a banking company filed its return of income for AY-1999-2000 on 31st December 1999 declaring total income of Rs. 119,33,33,740/- under the normal provisions. Assessee also declared book profit of Rs. 78,29,67,083/- under Section 115JA of the Income Tax Act 1961 (the Act). Subsequently, a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e appeal filed by assessee, the CIT(A) deleted the penalty imposed by the AO. The Department challenged that order of CIT(A) before the ITAT and the ITAT upheld that finding of the CIT(A). 4. It is the case of revenue that in the return of income, assessee did not claim certain deductions, during the course of assessment proceedings. Assessee claimed such deductions and thereby has furnished inacc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eliance Petro Products Pvt Ltd. (2010) 322 ITR 158 (SC) if we accept the contention of revenue, then in case of every return where the claim sum is not accepted by the AO for any reason, assessee will invite penalty under Section 271(1)(c) of the Act. A mere making of the claim which is not sustainable in law by itself, will not amount to furnishing inaccurate particulars regarding the income of a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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