9911796707
TMI Blog2015 (2) TMI 908X X X X Extracts X X X X X X X X Extracts X X X X ..... addressed to the assessee by AO. After noticing the materials on record the ITAT held that the amount had in fact been disclosed in AY 2007-08 and they were directed to be deleted in appellate proceedings. Given these set of facts the ITAT felt that at least penal action was not warranted even though in quantum proceedings the assessee might have failed. We see no infirmity in the findings which a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... V. Reliance Petroproducts Pvt. Ltd. (2010 (3) TMI 80 - SUPREME COURT ) was justified and warranted. - Decided in favour of assessee. - ITA 80/2015 - - - Dated:- 11-2-2015 - MR.S. RAVINDRA BHAT AND MR. JUSTICE R.K.GAUBA,JJ. For the Appellant : Ms. Suruchi Aggarwal, sr. standing counsel with Ms. Sonia Dhamija and Mr. Aamir Aziz, Advs. JUDGMENT MR. JUSTICE S. RAVINDRA BHAT (OPEN CO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lty of ₹3,04,62,300/-. By the impugned order the ITAT accepted the assessee s contention and affirmed the CIT(Appeals) s findings that the assessee s returns did not withhold any relevant particulars and could not be said to have disclosed inaccurate facts. It is contended that the ITAT fell into error on both counts. It is firstly submitted that inasmuch as reimbursement of expenses is conc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d consequently penal action is warranted. 3. This Court has considered the submissions. As far as the first issue of reimbursement is concerned, the ITAT noticed that the above was based only on account of letter dated 28.10.2009 addressed to the assessee by AO. After noticing the materials on record the ITAT held that the amount had in fact been disclosed in AY 2007-08 and they were directed t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee could not be accused of having furnished inaccurate particulars or concealed income or amounts which were liable to be taxed in its return so as to call for penal action under Section 271(1)(c). In the given circumstances the ITAT s decision - based upon binding rules of the Supreme Court including CIT V. Reliance Petroproducts Pvt. Ltd. 322 ITR 158 (SC) was justified and warranted. No ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
