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2016 (11) TMI 722 - CALCUTTA HIGH COURTPenalty under section 271(1)(c) - AO was of the opinion that the expenditure should be allowable over a period of five years which is also the period during which the mining is to be conducted - Held that:- Disclosure and concealment cannot co-exist. When a finding is recorded that disclosure was indeed made then the conclusion as regards concealment is bad. Furthermore, it cannot also be said that the assessee had furnished inaccurate particulars of income. This is so because there was no material on record to indicate that the particulars furnished by the assessee were factually incorrect. As held in Reliance Petroproducts [2010 (3) TMI 80 - SUPREME COURT ] merely making a claim which is not sustainable in law by itself will not amount to furnishing inaccurate particulars regarding the income of the assessee. See CIT v. Pilani Investments and Industries Corporation Ltd. [2016 (3) TMI 323 - CALCUTTA HIGH COURT] - Decided in favour of assessee
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