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TMI Blog2016 (3) TMI 1336X X X X Extracts X X X X X X X X Extracts X X X X ..... 1(1)(c) of the Act. Respectfully following the decision of Hon’ble Supreme Court in the case of Reliance Petro Products Pvt. Ltd. [2010 (3) TMI 80 - SUPREME COURT ], we confirm the order of CIT(A) deleting the penalty. Appeal of revenue is dismissed. - I.T.A No.979/Kol/2013 - - - Dated:- 16-3-2016 - Shri Mahavir Singh, JM Shri Waseem Ahmed, AM For the Appellant: Shri Sallong Yaden, JCIT, Sr. DR For the Respondent: Shri Manish Tiwari, AR ORDER Per Shri Mahavir Singh, JM: This appeal by revenue is arising out of order of CIT(A)-XX, Kolkata vide Appeal No. 92/CIT(A)-XX/Cir-1/2011-12/Kol dated 02.01.2013. Assessment was framed by ITO, Wd-1(1), Kolkata u/s. 143(3) of the Income Tax Act, 1961 (hereinafter referred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sion fund Rs.31,06,264/- 9. Employer s contribution to EDLI ₹ 1,92,377/- Rs.1,17,04,697/- Aggrieved, assessee preferred appeal before CIT(A) and also before Tribunal and in both the stages appeal of assessee was dismissed and addition to the extent of ₹ 82,12.,119/- was confirmed. In the meantime, AO started penalty proceeding u/s. 271(1)(c) of the Act and imposed penalty in respect to these items claimed by assessee u/s. 43B of the Act amounting to ₹ 82,12,119/- and thereby imposed 100% penalty at ₹ 29,46,098/-. Aggrieved, assessee preferred appeal before CIT(A), who deleted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uring the course of assessment proceedings explained the claim of deduction u/s. 43B of the Act on account of taxes, cess, PF and also filed all the relevant details. The assessee has also furnished all the necessary particulars in Tax audit Report and also given notes in its computation of total income. We find that now this issue, in the given facts, is covered by the decision of Hon ble Supreme Court in the case of CIT Vs. Reliance Petro Products Pvt. Ltd. (2010) 322 ITR 158 (SC), wherein Hon ble Surempe Court has held as under: We are not concerned in the present case with the mens rea. However, we have to only see as to whether in this case, as a matter of fact, the assessee has given inaccurate particulars. In Webster's Dictio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amounted to concealment of income. It was tried to be argued that the falsehood in accounts can take either of the two forms; 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. We do not agree, 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll better as no fault has been found with the particulars submitted by the assessee in its return. The Tribunal, as well as, the Commissioner of Income-tax (Appeals) and the High Court have correctly reached this conclusion and, therefore, the appeal filed by the Revenue has no merits and is dismissed. 5. In view of the above facts of the case that the assessee has filed complete particulars in respect to claim of deduction u/s. 43B of the Act and when all particulars were filed in the Tax Audit Report and its computation of income along with return of income, it cannot be a case of furnishing of inaccurate particulars of income or concealment of income. It is only a case of opinion whether the deduction is to be allowed or not. Onc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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