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2014 (12) TMI 604 - GUJARAT HIGH COURTDeletion of penalty us 271(1)(c) - inaccurate particulars furnished by assessee or not – Held that:- The Tribunal has rightly held that all the relevant material facts have been duly disclosed and, therefore, attraction of the provisions of section 271(1)(c) was not justifiable - on the basis of the advice given by the chartered accountant, such claim had been made by the assessee – in Btx Chemical P. Limited Versus Commissioner of Income-Tax [2006 (7) TMI 155 - GUJARAT High Court] it has been held that it could not be said that the assessee knew or had reason to believe that the claim made as revenue loss was untrue - assessee filed its return of income claiming deduction on the basis of its claim, lodged with the insurance company on account of loss and damage to its plant and machinery at replacement cost basis, and since the assessee had a bonafide belief on the basis of the advice received from it chartered accountant that loss occurred on the destruction of its plant and machinery, buildings, electric installments etc. was of revenue in nature and claim was made of total deduction of such amount – it could not said to be a case of concealment within the ambit and scope of section 271(1)(c) - assessee in respect of the reconstruction of the old Makarpura Unit, had made a claim u/s 80IB - The Tribunal has rightly held that there is no concealment nor any furnishing of inaccurate particulars – thus, the order of the Tribunal for not levying the penalty is upheld – Decided against revenue.
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