9911796707
TMI Blog2016 (6) TMI 1035X X X X Extracts X X X X X X X X Extracts X X X X ..... enue would not lead to the conclusion that the assessee had concealed the particulars of income or filed inaccurate particulars of income. In CIT vs. Reliance Petroproducts (P) Limited, (2010 (3) TMI 80 - SUPREME COURT ) held that under section 271(1)(c) of the Act, there has to be concealment of income of the assessee or the assessee must have furnished inaccurate particulars of his income. In the present case, the claim made by the assessee has not been shown to be suffering from any of these conditions. In the absence of any finding recorded by the CIT(A) or the Tribunal with regard to the claim of the assessee that it was malafide, there is no error in cancelling the penalty imposed by the Assessing Officer. - Decided against revenue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inward. ii) Addition of ₹ 63,447/- on account of non deduction of TDS on freight outward. iii) Addition on account of repair and maintenance of cars under section 40(a)(ia) amounting to ₹ 1,94,593/-. iv) Addition on account of capitalization of interest amounting to ₹ 5,82,625/- plus ₹ 2053/- plus ₹ 8302/-. v) Addition under section 40A(3) amounting to ₹ 18,297/-. vi) Addition on account of disallowance under section 80IC on reallocation of expenses amounting to ₹ 28,63,569/-. vii) Addition amounting to ₹ 1,42,520/- on account of interest debited to Dera Bassi unit and treated as relating to Baddi Unit. viii) Addition of ₹ 3,70,836/- on account o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecorded that the assessee made a bonafide claim of deduction of the expenditure and even though it was not acceptable to the revenue would not lead to the conclusion that the assessee had concealed the particulars of income or filed inaccurate particulars of income. The relevant findings recorded by the Tribunal read thus:- 8. We have considered the rival submissions and material available on record. The issue involved in the appeal is regarding cancellation of penalty on addition made on account of disallowance of expenditure under section 40(a)(ia) of the Act. The assessee has disclosed the entire facts before the authorities below without concealing any income. The assessee made a claim of deduction in the return of income and expla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Delhi Bench in the case of AT T Communications Services (India) Pvt. Limited (supra) for cancelling the penalty against the assessee. The assessee made a bonafide claim of deduction of the expenditure even though it was not acceptable to the revenue, would not lead to inference that assessee has concealed the particulars of income or filed inaccurate particulars of income. Nothing is brought on record if claim of assessee was incorrect in law or was malafide. Therefore, decision relied upon by learned DR is not applicable to the facts of the case. 5. In CIT vs. Reliance Petroproducts (P) Limited, (2010) 322 ITR 158, the Apex Court was of the view that under section 271(1)(c) of the Act, there has to be concealment of income of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
