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TMI Blog2014 (4) TMI 886X X X X Extracts X X X X X X X X Extracts X X X X ..... by the assessee against upholding of penalty order passed by ld CIT(A) vide order dated 8.12.2006. The appeal was earlier heard by the Tribunal on dated 27.10.2010 which was allowed by the Tribunal on the basis that penalty proceedings were time barred. The revenue took the matter before Hon'ble Delhi High Court and Hon'ble High Court vide its judgment remanded the issue back to the Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at no particulars were concealed and full particulars were filed with regard to interest on mortgage loans business expenses and depreciation and the disallowances by Assessing Officer were made from the P&L A/c itself, therefore, there was no concealment of particulars of income and addition was made only on account of difference of opinion. 3. The Ld AR relied upon a number of case laws wherein ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ., - 2011-TIOL-726-HC-DEL-IT 4. In view of these case laws, the Ld AR argued that penalty u/s 271(1)( c) was not imposable. 5. The Ld DR, on the other hand relied upon the authorities below. 6. We have heard the rival submissions of both the parties and have gone through the material available on record. We find that the disallowance of expenses was made out of P&L A/c which was filed by the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imagination can making of an incorrect claim of expenditure tantamount to furnishing of inaccurate particulars. If the contention of the Revenue is accepted then in case of every return where the claim made is not accepted by the Assessing Officer for any reasons, the assessee will invite penalty u/s 271(1)(c). That is clearly not the intendment of the legislature." Similarly, in the case of Cem ..... X X X X Extracts X X X X X X X X Extracts X X X X
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