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2013 (12) TMI 361 - ITAT CHENNAIPenalty under section 271(1)(c) – Furnishing inaccurate particulars of income - The assessee has collected “Mahumai” amounts from its customers – The assessment was made and addition was done on account of Mahumai amounts collected treating it to be the part of total turnover - Held that:- Following CIT Vs. Bijli Cotton Mills (P) Ltd. [1978 (11) TMI 1 - SUPREME Court] – In assessee’s own case for A.Y. 2001-02 order passed that there was an overriding title created in favour of charity on the Mahumai amount collected does not form part of income – Keeping in mind the above judgement the assessee in bona fide belief that Dharmada collections were not part of its income but were diverted by an overriding title towards charity, filed returns for the impugned Assessment Years excluding the Dharmada collections from its turnover - The assessee was not making a frivolous claim - There was not any filing of inaccurate particulars of income. Following Dharmandra Textile Processors [2008 (9) TMI 52 - SUPREME COURT] - Willful and deliberate suppression on the part of assessee was necessary for levy of penalty under section 271(1)(c) – Following Reliance Petro Products Pvt Ltd. [2010 (3) TMI 80 - SUPREME COURT] - A mere claim will not amount to furnishing inaccurate particulars regarding the income of the assessee - Decided against Revenue.
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