Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (4) TMI 703 - ITAT HYDERABADDeletion of penalty u/s 271(1)(c) of the Act – Furnishing of inaccurate particulars – Held that:- CIT(A) rightly was of the view that there is no furnishing of inaccurate particulars by assessee –Only issue is whether assessee’s claim under section 80IB and 80HHE, which are allowable to assessee, are to be calculated on the same income or after excluding one from the other - The issue is a debatable and it cannot be found fault with the claim of assessee at the time of filing of the returns - that itself per se does not lead to levy of penalty u/s 271(1)(c) as it cannot be considered that assessee has either concealed incomes or furnished inaccurate particulars of income, two of the parameters necessary for levy of penalty u/s 271(1)(c). Relying upon COMMISSIONER OF INCOME-TAX Versus RELIANCE PETROPRODUCTS PVT. LTD. [2010 (3) TMI 80 - SUPREME COURT] - Mere disallowance of a claim does not lead to penalty u/s 271(1)(c) of the Act – Where there is no finding that any details supplied by assessee in its return are found to be incorrect or erroneous or false there is no question of inviting the penalty under section 271(1)(c) - A mere making of a claim, which is not sustainable in law, by itself , will not amount to furnishing inaccurate particulars regarding the income of assessee - Such a claim made in the return cannot amount to furnishing inaccurate particulars - the order of the CIT(A) upheld – Decided against Revenue.
|