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2015 (10) TMI 1886 - ITAT MUMBAIPenalty u/s 271(1)(c) - Assessee has concealed the particulars of income or furnished inaccurate particulars of income in so far as its claim of Long Term Capital Loss on redemption of units of mutual funds - only ground as to why the penalty was applied against the assessee because certain claim in his return of income was not accepted by the Revenue - Held that:- The assessee company has disclosed full details and particulars of its claim of carry forward of long term capital loss in the return of income. The claim of indexation was a bona fide claim as made by the assessee in respect of units of mutual funds. There was no indexation claimed by the company in respect of bonds of Konkan Railway Corporation Ltd. It is rightly held by the Hon'ble Jurisdictional High Court in Administrator of Estate of Late E.F. Dinshaw (2015 (9) TMI 318 - BOMBAY HIGH COURT) that where all details of loss claimed by the assessee was stated in the return of income but was rejected by the Revenue, it would not amount to furnishing of inaccurate particulars or concealment of income on the part of the assessee and, therefore, penalty for concealment of income could not be levied. Similar finding also given in the decision of the Hon'ble Supreme Court in Reliance Petroproducts Pvt. Ltd. (2010 (3) TMI 80 - SUPREME COURT) wherein it has been held that merely because a claim made by the assessee is rejected by the Revenue, levying of penalty under section 271(1)(c) is not justified. - Decided in favour of assessee.
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