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2023 (11) TMI 547 - BOMBAY HIGH COURTPenalty u/s 271(1)(c) - assessee had committed default by filing inaccurate particulars of total income in respect of certain disallowances - ITAT deleted the penalty levy - HELD THAT:- Disallowance was made by the AO due to difference in the opinion of assessee and the AO. As it is not a case of concealment of income or furnishing of inaccurate particulars of income. ITAT on the facts has agreed with the CIT(A) that assessee had made claim in transparent and befitting manner. In view of these conclusions arrived on facts, the ITAT agreed with the view of the CIT(A) that assessee has not committed any default or filed any inaccurate particulars of income warranting imposition of penalty. Apex Court in Commissioner of Income Tax Vs. Reliance Petroproducts Pvt Ltd. [2010 (3) TMI 80 - SUPREME COURT] held that where assessee has furnished all the details of its expenditure as well as income in its return, which details, in themselves, were not found to be inaccurate nor could be viewed as concealment of income on its part and where the AO has taken a particular view contrary to the view that assessee had, it would not attract any penalty under Section 271(1)(c) of the Act. The Apex Court held that if this 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, assessee will invite penalty u/s 271(1)(c). That is clearly not the intendment of the Legislature. Decided in favour of assessee.
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