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2012 (9) TMI 612 - ITAT, LUCKNOWPenalty u/s 271(1)(c) - bogus claim of exemption of interest income on FDRs u/s. 80IB - Revenue contended interest on FDRs to be income from other sources - Held that:- Appellant has demonstrated that interest on FDRs and interest received from customers had nexus with business inasmuch as such a claim made by the assessee in the immediately preceding assessment year 2001-02 where miscellaneous income including interest was disclosed at Rs.22,30,180 as his business income, the AO himself allowed deduction u/s 80IB on such claim made by him. It is in this backdrop the assessee can be said to have acted bona-fidely while claiming deduction on similar interest as his income derived from industrial undertaking thereby claiming deduction u/s 80IB in the same manner as was done in the immediately preceding year. In any event, at the time when the assessee returned income and made claim, there were two views possible on the issue under consideration and as such the assessee cannot be said to have made a false or mala-fide claim in the return of income filed by him. Assessee having demonstrated that he made a bona-fide claim. Merely because it is held that claim is not sustainable in law that by itself will also not amount to furnishing of inaccurate particulars regarding income of the assessee and as such it would not attract penalty u/s 271(1)(c) - Decided in favor of assessee
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