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2013 (11) TMI 221 - KARNATAKA HIGH COURTPenalty u/s 271(1)(c) of the Income Tax Act - Claiming set off of the loss carried forward - Held that:- The contention urged on behalf of the revenue was that the assessee ought not to have claimed set off of loss carried forward of the assessment year 1998-99 despite the letter dated 4.4.2003 whereby the assessee was clearly informed that he was not entitled to carry forward the business loss since the return of income for the assessment year 1998-99 was filed belatedly - Assessee requested by his letter dated 5.5.2003 to pass order in respect of the assessment year 1998-99 to enable the assessee to challenge the order, and despite such written request, no assessment order was passed for the year 1998-99. It is in this backdrop, revised return was filed in which the assessee claimed set off of the loss carried forward of the assessment year 1998-99 - Merely because the assessee claimed set off of the loss carried forward would not mean that there was concealment of income as alleged or such claim would amount to furnishing inaccurate particulars. The term "inaccurate particulars" is not defined - Supreme Court in Reliance Petroproducts Pvt., Ltd.[2010 (3) TMI 80 - SUPREME COURT], by no stretch of imagination, making an incorrect claim in law would tantamount to furnishing inaccurate particulars – Decided against the Revenue.
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