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TMI Blog2015 (1) TMI 1210X X X X Extracts X X X X X X X X Extracts X X X X ..... tion can making an incorrect claim tantamount to furnishing inaccurate particulars. There can be no dispute that everything would depend upon the return filed by the assessee, because that is the only document where the assessee can furnish the particulars of his income. When such particulars are found to be inaccurate, the liability would arise. To attract penalty, the details supplied in the return must not be accurate, nor exact or correct, no according to the truth or erroneous." Considering the facts of the case, therefore, it is noted that all the particular and primary facts are duly disclosed by the appellant. The books of accounts are audited and Auditor’s certificate u/s 80IC was submitted. Therefore, looking into the entirety of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecision in the cases of Cambay Electric Supply Industrial Co. Ltd. Vs. CIT 1978 (TR/SC) 50:/1978) 1/3 ITR 84/SC) that the words derived from referred to in the section 80IC has narrower meaning than attributable to and the freight subsidy cannot be treated as profit derived from Industrial Undertaking through it may be attributable to Industrial Undertaking ? (ii) Whether in the facts and circumstances of the case, the ITAT was right in law in holding that the freight subsidy was rightly taken into consideration by the assessee in working out the profits and gains of the business undertaking relying on the decision of Calcutta High Court in the case of Merino Ply and Chemicals Ltd. Vs. CIT(1004) 122 CTR (Cal) 262; (1994) 209 ITR 508 (Cal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts derived from industrial undertaking and eligible for deduction u/s 80IC of the Income Tax Act, 1961, when the assessee received it from the Himachal Govt. for the benefit of any incentive of Sales Tax leviable on the sale of manufactured goods under Himachal Pradesh General Sales Act, 1968 and the income derived from such rebate is not an income derived from industrial undertaking. However, the immediate source of this rebate was the scheme of Govt. to give such rebate and not the conduct of the business of the industrial undertaking. (v) Whether in the facts and circumstances of the case, the ITAT was right in law in directing the AO to pass a fresh order, on the issue of bank interest, in terms of the judgment of jurisdictional High ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eted the penalty. 4. Before us Ld. DR strongly supported the order of AO. 5. On the other hand Ld. Counsel for the assessee submitted that issue is squarely covered by the decision of Tribunal in its own case for the Assessment Year 2007-08 in ITA No. 582/Chd/2014. 6. After considering the rival submission we find that Ld. CIT (A) has adjudicated this issue vide para 4.3 which is as under: 4.3 I have considered the submission made. The additions have been made by the A.O. against transport subsidy, Bank interest and Mibore Premium. The A.O. has disallowed the transport subsidy holding that it is not earned through any manufacturing process and it is not a profit derived from the business of the assessee. Similarly, the Bank in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mation given in the return in found to be incorrect of inaccurate, the assessee can t be the held guilty of furnishing inaccurate particulars. In order to expose the assessee to penalty, unless the case is strictly covered by the provision, the penalty provision can t be invoked. By no stretch of imagination can making an incorrect claim tantamount to furnishing inaccurate particulars. There can be no dispute that everything would depend upon the return filed by the assessee, because that is the only document where the assessee can furnish the particulars of his income. When such particulars are found to be inaccurate, the liability would arise. To attract penalty, the details supplied in the return must not be accurate, nor exact or correc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Where no information given in the return is found to be incorrect or inaccurate, the assessee cannot be held guilty of furnishing inaccurate particulars. In order to expose the assessee to penalty, unless the case is strictly covered by the provision, the penalty provision cannot be invoked. By no stretch of imagination can making an incorrect claim tantamount to furnishing inaccurate particulars. There can be no dispute that everything would depend upon the return filed by the assessee, because that is the only document where the assessee can furnish the particulars of his income. When such particulars are found to be inaccurate, the liability would arise. To attract penalty, the details supplied in the return must not be accurate, not e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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