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TMI Blog2018 (1) TMI 137X X X X Extracts X X X X X X X X Extracts X X X X ..... See CIT vs. Reliance Petroproducts Pvt. Ltd. (2010 (3) TMI 80 - SUPREME COURT ) - Decided in favour of assessee - ITA No. 6820/Del /2015 - - - Dated:- 27-12-2017 - SHRI B.P.JAIN, ACCOUNTANT MEMBER AND SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER For The Appellant : None For The Respondent : Shri S.K. Jain, Sr. DR ORDER PER SUDHANSHU SRIVASTAVA, J.M. This appeal has been preferred by the assessee against the order dated 11/09/2015 passed by the Ld. CIT (Appeals)-3, Gurgaon wherein vide the impugned order, the Ld. CIT (Appeals) has confirmed the imposition of penalty of ₹ 19,800/- under section 271 (1) (c) of the Income Tax Act, 1961 (hereinafter called the Act ) for assessment year 2009-10. 2. The br ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anation I to section 271(1)(c) of the Income Tax Act, 1961 . 3. That on the facts and circumstances of the case, CIT(A) failed to notice that explanation or appellant was bona fide. 3. None was present on behalf of the assessee and no adjournment application has also been received on behalf of the assessee. However, looking into the facts of the case, we proceed to hear the appeal ex parte qua the assessee. 4. The Ld. departmental representative placed reliance on the orders of the authorities below and vehemently argued that the penalty had been rightly imposed as the expenses on issue of shares was capital expenditure and the assessee s act of claiming the same as revenue expenditure was without any bona fide. It was submit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t had to only see as to whether in that case, as a matter of fact, the assessee had given inaccurate particulars. The court noted that as per Law Lexicon, the meaning of the word particular is a detail or details (in the plural sense); the details of a claim, or the separate items of an account. Therefore, the word particular used in section 271(1)(c) would embrace the meaning of the details of the claim made. The court further observed that 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. The court observed that reading the words inaccurate and particulars in conjunction, they must mean the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ard to the provisions of section 271(1)(c ) of the Act pertaining to penalty, the Hon ble Apex Court has authoritatively laid down that making of a claim by the assessee which is not sustainable will not tantamount to furnishing inaccurate particulars. In CIT vs. Reliance Petroproducts Pvt. Ltd. (supra), the Hon ble Apex Court has held as follows: A glance at this provision would suggest that in order to be covered, there has to be concealment of particulars of the income of the assessee. Secondly, the assessee must have furnished inaccurate particulars of his income. The present is not a case of concealment of income. That is not the case of the Revenue either. However, the Ld. Counsel for the revenue suggested that by making incorr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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