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TMI Blog2010 (7) TMI 553X X X X Extracts X X X X X X X X Extracts X X X X ..... was not attracted. In recent judgment of the Hon’ble Supreme Court in CIT v. Reliance Petroproducts (P) Ltd. (2010 -TMI - 75701 - SUPREME COURT), the legal position to this effect has been reiterated. If the Assessee has made full disclosure in the return, claim for deduction cannot be held to be giving of inaccurate particulars. - I.T.A. No.225 of 2010 - - - Dated:- 28-7-2010 - MR. JUSTICE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct that the decision of the Hon'ble Supreme Court in Sterling Foods Vs. CIT dated 15.4.1999 (237 ITR 579) disallowing claim of deduction under Chapter VIA of the Act on export incentives was already available to the assessee at the time of filing of return of income for Assessment Year 2003-04, and therefore, the assessee was evidently filing inaccurate particulars of income in claiming deduction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... levy of such penalty is mandatory as remedy for loss to revenue, and given the fact that such loss to revenue has occurred in the instant case due to wrong claim by the assessee with respect to deduction under Section 80IB? 2. The Assessee is manufacturer and derived income from exports. The Assessee claimed deduction under Section 80-IB of the Act in respect of income from duty draw back. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ilarly, the Hon'ble Rajasthan High Court in the case of CIT Vs. Harshvardhan (supra) has held that if as assessee claims some deductions which are debatable then it could not be said that assessee has concealed any income or furnished inaccurate particulars of income which exposed him with the penalty proceedings under Section 271(1)(c) of the Act..... 3. We have heard learned counsel for the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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