2013 (10) TMI 1221

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..... thereto levied penalty on account of curtailment of deduction - It was an instance of disallowance of a claim and not a case of concealment of income or furnishing inaccurate particulars of income – Penalty not to be levied – Decided against the Revenue. Whether penalty levied under section 271(1)(c) in respect of disallowance made on account of duty draw back and dividend income from foreign c .....

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..... -IB of the Income-tax Act, 1961 ? (ii) Whether, on the facts and in the circumstances of the case and in law, the Tribunal was justified in deleting the penalty levied under section 271(1)(c) in respect of disallowance made on account of duty draw back and dividend income from foreign companies offered to tax only when the case was selected for scrutiny ?" So far as question (i) is conc .....

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..... its order for the assessment year 199697. The Tribunal has recorded a finding of fact that the amounts were offered to tax suo motu by the respondent-assessee and not consequent to detection by the Revenue. Therefore, we find that it was an instance of disallowance of a claim and not a case of concealment of income or furnishing inaccurate particulars of income. In these circumstances, we see no .....

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