2013 (1) TMI 878

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..... rami B Sheth, Advocate ORDER Sonia Gokani, J. 1. This Appeal is preferred under Section 260A of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), challenging the order dated 02.03.2012 of the Income Tax Appellate Tribunal (hereinafter after referred to as "ITAT"), proposing following substantial question of law for our consideration: "Whether the Appellate Tribunal is right in law and on facts in confirming the order passed by CIT (A) of cancellation of the penalty to the tune of ₹ 3,31,200/- levied by the Assessing Officer u/s. 271 (1) (c) ?" 2. Heard learned counsel Ms. Paurami Sheth for the revenue and examined the material on record with her assistance. 3. The issue pertains to deletion of penalty imposed on .....

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..... ... (c) has concealed the particulars of his income or furnished inaccurate particulars of such income." A glance at this provision would suggest that in order to be covered, there has to be concealment of the particulars of the income of the assessee. Secondly, the assessee must have furnished inaccurate particulars of his income. Present is not the case of concealment of the income. That is not the case of the Revenue either. However, the Learned Counsel for Revenue suggested that by making incorrect claim for the expenditure on interest, the assessee has furnished inaccurate particulars of the income. As per Law Lexicon, the meaning of the word "particular" is a detail or details (in plural sense); the details of a cla .....

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..... essee has given inaccurate particulars. In Webster's Dictionary, the word "inaccurate" has been defined as:- "not accurate, not exact or correct; not according to truth; erroneous; as an inaccurate statement, copy or transcript". We have already seen the meaning of the word "particulars" in the earlier part of this judgment. Reading the words in conjunction, they must mean the details supplied in the return, which are not accurate, not exact or correct, not according to truth or erroneous. We must hasten to add here that in this case, there is no finding that any details supplied by the assessee in its return were found to be incorrect or erroneous or false. Such not being the case, there would be no qu .....

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