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2013 (9) TMI 735 - PUNJAB &HARYANA HIGH COURTPenalty u/s 271(1)(c) of the Income Tax Act – Held that:- Reliance has been placed upon the judgment in the case of Reliance Petro Products' case [2010 (3) TMI 80 - SUPREME COURT], wherein the Hon’ble Supreme Court has held that mere raising of a claim, even if not sustainable in law, is not by itself, sufficient to hold that it denotes furnishing of inaccurate particulars with an intent as would invite a penalty – In the present case, deductions were claimed in a bona fide exercise of the right of an assessee to claim deduction. The fact that this claim was rejected, does not raise inference of a mala fide attempt to evade tax. A penalty is imposed only if the claim is mala fide or raised with intent to evade tax – Decided against the Revenue.
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