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TMI Blog2016 (11) TMI 1559X X X X Extracts X X X X X X X X Extracts X X X X ..... authorities. There was no concealment of any particulars of income. Merely disallowance of claim does not amount to furnishing of inadequate particulars of income nor concealment of income. - Decided in favour of assessee. - ITA No.1511/Mum/2015 - - - Dated:- 10-11-2016 - SHRI R.C.SHARMA, AM SHRI RAVISH SOOD, JM Assessee by : Shri Rajeev Wagle Revenue by : Shri A. Ramachandran O R D E R PER R.C.SHARMA (A.M): This is an appeal filed by the assessee against the order of CIT(A) for the assessment year 2010-11 in the matter of imposition of penalty u/s.271(1)(c) of the IT Act. 2. Rival contentions have been heard and record perused. 3. During the course of scrutiny assessment AO made disallowance of ₹ 7, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he particulars of the income of the assessee. Secondly, the assessee must have furnished inaccurate particulars of his income. The instant case was not the case of concealment of the income. That was not the case of the revenue either. It was an admitted position in the instant case that no information given in the return was found to be incorrect or inaccurate. It was not as if any statement made or any detail supplied was found to be factually incorrect. Hence, at least, prima facie, the assessee could not be held guilty of furnishing inaccurate particulars. The revenue argued that submitting an incorrect claim in law for the expenditure on interest would amount to giving inaccurate particulars of such income. Such cannot be the interpret ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rgued that the falsehood in accounts can take either of the two forms: (i) an item of receipt may be suppressed fraudulently; (ii) an item of expenditure may be falsely (or in an exaggerated amount) claimed, and both types attempt to reduce the taxable income and, therefore, both types amount to concealment of particulars of one's income as well as furnishing of inaccurate particulars of income. Such contention could not be accepted as the assessee had furnished all the details of its expenditure as well as income in its return, which details, in themselves, were not found to be inaccurate nor could be viewed as the concealment of income on its part. It was up to the authorities to accept its claim in the return or not. Merely because t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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