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2015 (12) TMI 775 - CALCUTTA HIGH COURTPenalty u/s 271(1)(c) - addition treating profits on cancellation of forward foreign exchange contract as trading receipt instead of capital receipt - Held that:- The question is whether non-acceptance of a claim can be said to be a concealment. In a case where claim is made it is for the authorities to decide. It may or may not accept the claim. In the instant case, as the sum claimed as deduction is undisputed, it cannot be said that the assessee had furnished inaccurate particulars of income. Since there is no finding that the factual details furnished by the assessee in its return were inaccurate or erroneous or false and as the assessee had claimed the deduction of an expenditure treating it be capital in nature, it is appropriate to refer to the law laid down by the Supreme Court in CIT vs. Reliance Petroproducts [2010 (3) TMI 80 - SUPREME COURT ] wherein held 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 the assessee. Such a claim made in the return cannot amount to furnishing inaccurate particulars. Thus the income tax authorities erred in imposing the penalty and the Tribunal was not justified in upholding the imposition of penalty. - Decided in favour of assessee
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