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2016 (10) TMI 631 - BOMBAY HIGH COURTPenalty levied u/s 271(1)(c) - concealment of particulars of income - Held that:- None of the Authorities under the Act have held that there was any concealment of particulars of income or that the details supplied by the respondent assessee were incorrect / erroneous / false while making a claim of a revenue expenditure while making a payment to National Pharmaceutical Pricing Authority. The Apex Court in Commissioner of Income Tax Vs. Reliance Petroproducts Pvt. Ltd., [2010 (3) TMI 80 - SUPREME COURT], has held that mere making of a incorrect claim by itself would not warrant any imposition of penalty. The sine qua non for imposition of penalty would be suppressing details and / or supplying erroneous / false details. A mere making of a claim which may be found on examination to be not sustainable in law by itself will not amount to furnishing inaccurate particulars of the assessee's income. Moreover, in the facts of this case even a merits of the claim made in quantum proceedings is debatable. This is evident from the fact that the Tribunal in quantum proceedings upheld the claim made by the respondent assessee. - Decided in favour of assessee
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