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TMI Blog2021 (7) TMI 1237X X X X Extracts X X X X X X X X Extracts X X X X ..... eliance Petro Products Pvt. Ltd. [ 2010 (3) TMI 80 - SUPREME COURT] held that merely making a claim which is not sustainable in law by itself would not amount to furnishing of inaccurate particulars. We are of the considered view that by claiming expenditure incurred by the assessee on construction of BQS for and on behalf of New Delhi Municipal Corporation (NDMC) and Mumbai Metropolitan Region Development Authority (MMRDA) as capital in nature does not amount to furnishing of inaccurate particulars of income. So, ld. CIT (A) has rightly deleted the penalty and finding no illegality or perversity in the impugned order, the appeal filed by the Revenue is dismissed. - ITA No.5520/Del./2017 - - - Dated:- 29-7-2021 - Shri Anil Chaturved ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppeal are without prejudice to each other. 2. Briefly stated the facts necessary for adjudication of the controversy at hand are : On the basis of assessment framed under section 143 (3) of the Act at an income of ₹ 63,50,849/- after making disallowance u/s 115JB of the Act to the tune of ₹ 8,72,92,281/- on account of disallowance on account of expenses held to be capital in nature, Assessing Officer (AO) initiated the penalty proceedings u/s 271(1)(c) of the Act for furnishing inaccurate particulars of income. Declining the contentions raised by the assessee that expenditure incurred on construction of Bus Queue Shelters (BQS) is bonafide and full complete disclosure of facts have been made by the assessee in the return ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s to the appeal, the sole question arises for determination in this case is:- as to whether the assessee has concealed particulars of income or has furnished inaccurate particulars of such income during assessment proceedings? 7. Undisputedly, penalty proceedings have been initiated by the AO on the basis of disallowance made to the tune of ₹ 8,72,92,281/- on account of disallowance on account of expenses held to be capital in nature. It is also not in dispute that in earlier years, identical issue has already been decided in favour of the assessee by the ld. CIT (A) who has followed his own order, which have been further confirmed by the coordinate Bench of the Tribunal vide order dated 14.01.2020 in ITA Nos.5275/Del/201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accurate particulars of his income. The meaning of the word particulars used in section 271(l)(c) would embrace the detail of the claim made. Where no information given in the return is found to be incorrect or inaccurate, the assessee cannot be held guilty of furnishing inaccurate particulars. In order to expose the assessee to penalty, unless the case is strictly covered by the provision, the penalty provision cannot be invoked. By no stretch of imagination can making an incorrect claim tantamount to furnishing inaccurate particulars. There can be no dispute that everything would depend upon the return filed by the assessee, because that is the only document where the assessee can furnish the particulars of his income. When such particu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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