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2014 (2) TMI 313 - ITAT HYDERABADPenalty u/s 271(1)(c) - Held that:- The deferment of sales tax has been claimed on the basis of method of accounting followed by the assessee for the earlier year - The accounting method so followed has also been mentioned in the notes to accounts forming part of the audited accounts - It cannot be said that the assessee has furnished inaccurate particulars of income - The return filed by the assessee was subjected to scrutiny assessment proceedings u/s 143(3) of the Act and the Assessing Officer completed the assessment accepting the claim made by the assessee towards deferred sales tax revenue - Only because the method of accounting was not accepted by the CIT in proceedings u/s 263, it automatically cannot lead to the conclusion that the assessee has either concealed his income or furnished inaccurate particulars of income - Relying upon the decision in CIT vs. Reliance Petro Chemicals [2010 (3) TMI 80 - SUPREME COURT] - The assessee cannot be accused of concealing his income or furnishing of inaccurate particulars of income as the disallowance has been made u/s 43B of the Act on the ground that the assessee has not been able to produce evidence towards remittance of the amount to the government treasury - Decided against Revenue.
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