9911796707
TMI Blog2022 (9) TMI 180X X X X Extracts X X X X X X X X Extracts X X X X ..... o as 'The Act']. 3. None appeared on behalf of the assessee inspite of repetitive notices. In fact, notice issued through the ld. DR was served by an Officer as reported by the ld. DR. We, therefore, decided to proceed exparte. The ld. DR was heard at length. Case records carefully perused. 4. The roots for levy of penalty lie in the assessment order dated 14.12.2016 framed u/s 143(3) of the Act. The assessee filed return of income on 30.11.2014 declaring loss of Rs. 3,52,40,293/- which was revised on 06.04.2015 with a revised loss of Rs. 3,73,01,931/-. 5. Return was selected for scrutiny assessment and accordingly, statutory notices were issued and served upon the assessee. 6. During the course of scrutiny assessment proceeding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... incurred was written off and loss was claimed. 12. It was explained to the ld. CIT(A) that since there were accumulated losses which effectively neutralize any tax liability, the assessee did not prefer any appeal against the assessment order. 13. After considering the facts and submissions, the ld. CIT(A) was convinced that the assessee has not filed any inaccurate particulars of income and drawing support from the decision of the Hon'ble Supreme Court in the case of Reliance Petro Products 322 ITR 158 and the Hon'ble Supreme Court in the case of Price Waterhouse Coopers Pvt Ltd 348 ITR 306, the ld. CIT(A) deleted the penalty levied by the Assessing Officer. 14. Before us, the ld. DR strongly supported the findings of the Asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of imagination, making an incorrect claim in law cannot tantamount to furnishing of inaccurate particulars. Therefore, it must be shown that the conditions under section 271(l)(c ) exist before the penalty is imposed. There can be no dispute that everything would depend upon the return filed, because that is the only document, where the assessee can furnish the particulars of his income. When such particulars are found to be inaccurate, the liability would arise. The word 'particulars' must mean the details supplied in the return, which are not accurate, not exact or correct, not according to truth or erroneous. In the instant case, there was no finding that any details supplied by the assessee in its return were found to be i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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