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2018 (4) TMI 1123 - ITAT DELHIPenalty u/s 271(1)(c) - expense falls u/s 37 or section 35 - Held that:- There is no doubt as to the nature of the expense and it is not the case of the Revenue that this particular expense could be capitalized. Therefore, at best, this expenditure had to be amortized for a period of 5 years which the assessee did not do and the assessee explains that in view of AS 26, they have debited this particular expense to the profit and loss account. We fail to understand how this explanation is not a bonafide one. We are unable to find that there is either any concealment of income or furnishing of inaccurate particulars thereof and it is only basing on the information furnished by the assessee in their financials but mistake committed by the assessee is detected. Mere disallowance of any expense does not amount to concealment of income or furnishing of inaccurate particulars thereof as is held by the Hon’ble Apex Court in the case of Reliance Petro Products Ltd. (2010 (3) TMI 80 - SUPREME COURT) - Decided in favour of assessee
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