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2021 (2) TMI 530 - ITAT DELHIPenalty 271(1)(c) - case of difference of opinion between the assessee and the learned Assessing Officer in respect of the treatment to be given to a particular expenditure - HELD THAT:- We are satisfied that it’s not the case of concealment of income nor of furnishing of any inaccurate particulars but it is only a case of difference of opinion between the assessee and the learned Assessing Officer in respect of the treatment to be given to a particular expenditure. Further the assessee does not stand to much gain by this differential treatment also. The essential ingredients to attract the provisions under section 271(1)(c) of the Act do not seem to have been existing in this case. In CIT vs Reliance Petroproducts Pvt Ltd [2010 (3) TMI 80 - SUPREME COURT ] held that when the assessee preferred a claim, it was up to the authorities to accept its claim in the Return or not, but merely because the assessee had claimed the expenditure, which claim was not accepted or was not acceptable to the Revenue, that by itself would not attract the penalty under Section 271(1 )(c) of the Act. It was further held that if the contention of the Revenue is accepted, then in case of every Return where the claim made is not accepted by Assessing Officer for any reason, the assessee will invite penalty under Section 271(1)(c) and that is clearly not the intendment of the Legislature. There is no basis for the authorities below to levy are sustained the penalty and the same has to be deleted. - Decided in favour of assessee.
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