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TMI Blog2015 (12) TMI 828X X X X Extracts X X X X X X X X Extracts X X X X ..... raised a legal contention which was not finally accepted. When that is the position, then the authoritative judgement of the Supreme Court in the case of Reliance Petroproducts (2010 (3) TMI 80 - SUPREME COURT ) wherein opined that by any stretch of imagination, making an incorrect claim in law cannot tantamount to furnishing inaccurate particulars, as relied upon leaves no manner of doubt tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Profits and Gains of Business ? The assessing officer imposed penalty for the following reasons : The assessee company had claimed exemption u/s 10B on interest income arising out of fixed deposits which is not a eligible for exemption claim u/s 10B. As the assessee company has furnished inaccurate particulars of income, I am satisfied that penalty u/s 271(1)(c) imposed should be @100% on th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d claimed benefits which were not legally receivable by him and thus the assessee avoided to pay tax. Therefore penalty was rightly imposed. Mr.Khaitan, learned Senior Advocate submitted that neither any inaccurate particulars were furnished nor was there any concealment of income. He contended that it will appear from the order of the assessing officer himself that the fact that a sum of ͅ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o furnishing inaccurate particulars. He contended that in the light of law laid down by the Apex Court the judgements rendered by the CIT and the learned Tribunal are perfectly justified and there is no reason why this Court should interfere. We have considered the submissions of the learned counsel appearing for the parties and are of the opinion that there can be no gainsaying that the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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