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TMI Blog2016 (7) TMI 1348X X X X Extracts X X X X X X X X Extracts X X X X ..... e from certain parties - proof of inaccurate particulars - wilful concealment - Held that:- In the facts of the case, it emerges that the declaration was made by the assessee under the advice of the chartered accountant and subsequently, the same was rectified. Therefore, there was no intention on the part of the assessee to commit any wilful concealment. Considering the ratio laid down in the abo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ial questions of law were framed by the court for consideration : "Whether, on the facts and circumstances of the case, and in law the Tribunal is right in deleting penalty imposed by the Assessing Officer under section 271(1)(c) of the Income-tax Act ?" 3. Learned counsel for the appellant-Department has submitted that the issue raised in these appeals is governed by the decision of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed return for all three assessment years disclosing additional income in relation to purchases made from certain parties. The Assessing Officer by issuing notice under section 148, regularised the returns and completed reassessment for those years and also imposed penalty under section 271(1)(c) upon the assessee. It is further contended that the view taken by the Commissioner of Income-tax (Appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not accepted or was not acceptable to the Revenue, that by itself would not, in our opinion, attract the penalty under section 271(1)(c). If we accept the contention of the Revenue then in case of every return where the claim made is not accepted by the Assessing Officer for any reason, the assessee will invite penalty under section 271(1)(c). That is clearly not the intendment of the Legislature. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the chartered accountant and subsequently, the same was rectified. Therefore, there was no intention on the part of the assessee to commit any wilful concealment. Considering the ratio laid down in the above decision of CIT v. Reliance Petroproducts Private Limited (supra) and in the facts of the present case, we are of the view that the issue raised in the above appeals is governed by the above ..... X X X X Extracts X X X X X X X X Extracts X X X X
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