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2013 (10) TMI 1171 - PUNJAB & HARYANA HIGH COURTMens rea for penalty u/s 271(1)(c) of the Income Tax Act - The respondent-assessee is a company engaged in manufacture of hosiery goods at Ludhiana. A survey under Section 133A of the Act was carried out in the business premises of the assessee. It surrendered undisclosed income amounting to ₹ 1.20 crores under different heads. The said income was included in the profit and loss account and offered to tax. However, the assessee claimed deduction on the entire income under Section 80IB of the Act which included the aforesaid surrendered Income of ₹ 1.20 crores – Held that:- Reliance has been placed upon the judgment in the case of CIT v. Rubber Udyog Vikas (P) Limited, [2011 (2) TMI 858 - PUNJAB AND HARYANA HIGH COURT], wherein it was held that making incorrect claim would not tantamount to furnishing of inaccurate particulars unless it was established that the assessee had acted with mala fide intention or had claimed deductions being aware of the well settled legal position – Thus, the instant case is not a fit case for imposition of penalty u/s 271(1)(c) of the Income tax act – Decided against the Revenue.
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