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TMI Blog2021 (6) TMI 461X X X X Extracts X X X X X X X X Extracts X X X X ..... nceived or wrong claim for deduction or exemption in the return of income filed does not automatically attract penalty under Section 271(1)(c) - Just for making wrong claims made advertently or inadvertently, therefore, penalty cannot be levied u/s.271(1)(c) of the Act and further the Lower Authorities have not given any findings regarding either concealment of income or furnishing of inaccurate particulars of income by the assessee. We are of the considered view, this is not a fit case for imposing penalty - Decided in favour of assessee. X X X X Extracts X X X X X X X X Extracts X X X X ..... and other sources. The assessee has filed return of income on 31.10.2007 declaring total income of ₹ 14,46,578/- and the total income was assessed u/s.143(3) of the Income Tax Act, 1961 (hereinafter referred to as "the Act‟) to ₹ 58,98,783/- by the Assessing Officer on 29.12.2009. The Assessing Officer also imposed penalty of ₹ 9,37,580/- u/s.271(1)(c) of the Act on 29.03.2012. 4. In this case, penalty was levied u/s.271(1)(c) of the Act for making certain wrong claims in the return of income. There is no finding of the Assessing Officer or the Ld. CIT(Appeals) regarding the concealment of income or furnishing of inaccurate particulars of income. The only reason for imposing penalty u/s.271(1)(c) of the Act was that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Such claims made in the return of income cannot amount to furnishing of inaccurate particulars. * Merely because the assessee had claimed the expenditure, which claim was not accepted or was not acceptable to the Revenue, that by itself, would not attract penalty u/s. 271(1) (c) of the Income Tax Act. * Unless there is a finding that any details supplied by the assessee in its return of income were found to be incorrect or erroneous or false, there is no question of levying penalty u/s. 271(1)(c). * If the contentions of the revenue are accepted, then in case of every return where claim is not accepted by the Assessing Officer for any reason, the assessee will invite penalty u/s. 271(1)(c). That is clearly not the intention of the Le ..... X X X X Extracts X X X X X X X X Extracts X X X X
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