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2019 (9) TMI 440 - ITAT HYDERABADPenalty u/s 271(1)(c) - assessee has concealed his income to the extent tax was leviable on account of LTCG - HELD THAT:- As decided in MT. AMITA TULSYAN [2019 (5) TMI 849 - ITAT HYDERABAD] reading the words in conjunction, they must mean the details supplied in the Return, which are not accurate, not exact or correct, not according to truth or erroneous. We must hasten to add here that in this case, there is no finding that any details supplied by the assessee in its Return were found to be incorrect or erroneous or false. Such not being the case, there would be no question of inviting the penalty under section 271(1)(c) of the Act. A mere making of the claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding the income of the assessee. Such claim made in the Return cannot amount to the inaccurate particulars - we are satisfied that the necessary condition for initiating and levying penalty u/s 271(1)(c) did not exist Therefore, we are satisfied that the penalty u/s 271(1)(c) is not leviable in the case before us. Since the facts and circumstances in all the other cases before us are being similar, following the above, the penalty u/s 271(1)(c) is deleted in all the cases. - Decided in favour of assessee.
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