2017 (5) TMI 1112 - HC - Income Tax

Penalty u/s 271(1)(c) - ITAT deleted penalty - Held that - What weighed with the ITAT was that there was no actual concealment of income or furnishing of inaccurate particulars of income by the Assessee. The Assessee was found to have made a few claims which are found not allowable. That, by itself, could not lead to an inference as regards the concealment of income. The view taken by the ITAT based on the decision of the Supreme Court in Commissioner of Income-tax, Ahmedabad v. Reliance Petroproducts P. Ltd. 2010 (3) TMI 80 - SUPREME COURT is a plausible view to be taken. No substantial question of law.

Summary

The Delhi High Court dismissed the penalty appeal by the Revenue under Section 260A of the Income Tax Act, 1961. The Income Tax Appellate Tribunal had deleted the penalty, stating that there was no actual concealment of income by the Assessee, as certain claims were found not allowable, but this did not amount to concealment. The court found no substantial question of law and dismissed the appeal.