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TMI Blog2012 (12) TMI 660X X X X Extracts X X X X X X X X Extracts X X X X ..... INCOME-TAX Versus RELIANCE PETROPRODUCTS FVT. LTD. [2010 (3) TMI 80 - SUPREME COURT] mere making of the claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding income of the assessee - No infirmity in the order of the CIT(A) - Merely because the assessee has a different perception of the situation than the Assessing Officer, even though, in the ultimate analysis, the stand of the Assessing Officer is to be upheld, it cannot be said that the assessee has concealed any particulars - in the result both the appeals of the Revenue are dismissed - ITA Nos.558 & 562/LKW/2011 - - - Dated:- 4-7-2012 - SHRI SUNIL KUMAR YADAV AND SHRI MEHAR SINGH, JJ. Appellant by: Smt. Nidhi Sing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by Central Government or from section 75 of the Customs Act, 1962, hence incentives/profits are not profits derived from the eligible business and therefore duty draw back received/DEPB benefits do not form part of net profit of the industrial undertaking for the purpose of section 80IA or 80IB. Relying upon this legal proposition, the Assessing Officer has levied penalty under section 271(1)(c) of the Act for furnishing of inaccurate particulars of income. 4. The assessee preferred an appeal before the ld. CIT(A) with the submission that at the relevant point of time i.e. assessment year 2002-03, the claim of deduction under section 80HHC and 80IB of the Act on an income derived from DEPB and duty draw back was debatable and therefore t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 60 DTR 41. 4. Pfyzer Ltd. v. DCIT [2012] 70 DTR (Mumbai) (Trib) 239. 5. CIT v. India Gelatine Chemicals Ltd. [2005] 275 ITR 284 (Guj). 6. CIT v. Eltex Sgs (P) Ltd. [2008] 300 ITR 6 (Del). 7. Topman Expsorts v. CIT [2012] 67 DTR 185 (SC). 8. B. Desraj v. CIT [2008] 301 ITR 439 (SC). 9. Saraf Seasoning Udyog v. ITO (Raj). 7. Having given a thoughtful consideration to the rival submissions and from a careful perusal of record, we find that undisputedly at the relevant point of time i.e. assessment years 2003-04 and 2004-05 the issue of deduction under section 80HHC and 80IB of the Act on the income derived from DEPB and duty draw back was in fact debatable and this controversy has been set at rest by the Apex Court through its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was directly on the issue. Merely because the assessee has a different perception of the situation than the Assessing Officer, even though, in the ultimate analysis, the stand of the Assessing Officer is to be upheld, it cannot be said that the assessee has concealed any particulars. The expression 'furnishing of inaccurate particulars of income' has also not been defined in the Act. The expression 'inaccurate' refers to 'not in conformity with the fact or truth' and that is the meaning which, in our considered view, is relevant in the context of 'furnishing of inaccurate particulars'. The expression 'particulars' refers to 'facts, details, specifics, or information about someone or something'. Therefore, the plain meaning of the expres ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tax authorities or judicial authorities is an absurdity. In any event, as I have noted above, the connotations of expression 'particulars of income' do not extend to the issues of interpretation of law and as such making a claim, which is found to be unacceptable in law, cannot be treated as furnishing of inaccurate particulars of income. In this view of the matter, the case of the assessee cannot be said to be a case of 'furnishing of inaccurate particulars of income', in its natural sense, either. This school of thought has now been confirmed by the Hon'ble Supreme Court, in the case of CIT v. Reliance Petroproducts (P.) Ltd. [2010] 322 ITR 158 wherein Their Lordships were concerned with the question whether "in this case, as a matter of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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