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2012 (9) TMI 692 - ITAT AHMEDABADPenalty u/s 271(1)(c) - disallowances of repair expenses on building & 80 IB and 80 HHC - CIT(A) deleted the addition - Held that:- The A.O. had simply initiated the penalty proceedings u/s 271(1)(c) without mentioning whether the penalty was initiated for concealment of income or for furnishing inaccurate particulars of income. The building expenses claimed by the assessee were disallowed by the A.O., which were capitalized and depreciation was allowed by the A.O. Deduction u/s 80-IB and 80HHC were claimed in prescribed proforma on the basis of audit report in the return of income. The A.O. recalculated both the deductions according to him but particulars of income and/or concealment of income, has not been brought on record by the A.O., which is an essential ingredient to levy penalty u/s 271(1)(c). A s decided in CIT Versus RELIANCE PETROPRODUCTS FVT. LTD. [2010 (3) TMI 80 - SUPREME COURT] 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 - deletion of penalty is thus warranted - in favour of revenue.
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