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TMI Blog2022 (6) TMI 901X X X X Extracts X X X X X X X X Extracts X X X X ..... o be satisfaction based on material as required under Section 271(1)(c) of the Act, that the assessee has concealed the particulars of his income or furnished inaccurate particulars of such income. From the papers which have been placed before us, we do not find that there is any material to come to the conclusion that in order to claim benefit of deduction under Section 43(1) of the Act, the assessee had submitted inaccurate particulars. No question of law arises for consideration in this appeal and the same is accordingly dismissed. - D.B. Income Tax Appeal No.83/2021 - - - Dated:- 24-5-2022 - Hon'ble The Acting Chief Justice Mr. Manindra Mohan Shrivastava And Hon'ble Mr. Justice Sameer Jain For the Appellant(s) : M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble High Court, the assessee has neither concealed any particulars of income nor it had filed any inaccurate particulars of income. All the information was available in the Balance Sheet of the assessee. Therefore, according to the assessee, no penalty under Section 271(1)(c) can be levied in respect of the disallowance of depreciation of Rs.15,07,77,715/- (Rs.18,28,81,334 Rs. 3,21,03,619) made by the AO. In support of its contention that no penalty u/s 271(1)(c) can be levied in respect of disallowance of depreciation made by the AO. After relying upon certain decisions on the issues, the Tribunal has further recorded as below:- Since the assessee has disclosed entire facts in the Balance Sheet with regard to the subsidy of Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has to be drawn that assessee had submitted inaccurate particulars, cannot be accepted. Irrespective of whether or not assessee is entitled to the benefit under proviso to Explanation 10 of Section 43(1) of the Act, in order to entail liability for penalty, there has to be satisfaction based on material as required under Section 271(1)(c) of the Act, that the assessee has concealed the particulars of his income or furnished inaccurate particulars of such income. From the papers which have been placed before us, we do not find that there is any material to come to the conclusion that in order to claim benefit of deduction under Section 43(1) of the Act, the assessee had submitted inaccurate particulars. Therefore, in our considerat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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