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TMI Blog2023 (1) TMI 172X X X X Extracts X X X X X X X X Extracts X X X X ..... 1(1)(c) of the Act, for the assessment year 2015-16. 2. The only grievance of the assessee is against the levy of penalty under section 271(1)(c) of the Act. 3. The brief facts of the case as emanating from the record are: The assessee is an individual and for the year under consideration filed her return of income on 06/08/2015, declaring a total income of Rs. 61,650. During the year, the assessee earned income from teaching and income from other sources. The return of income filed by the assessee was selected for scrutiny and statutory notices under the Act were issued. During the assessment proceedings, it was observed that the assessee has claimed long-term capital loss at Rs. 7,36,071, on the sale of residential property wherein she ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orised Representative ('learned AR') submitted that during the assessment proceedings the assessee filed a revised computation of long-term capital loss after considering the correct cost of acquisition, sale consideration, date of acquisition, and accordingly rate of indexation. Learned AR further submitted that the assessee was assessed at the return of income and thus there was no concealment of income or furnishing of inaccurate particular of income on part of the assessee. 7. On the other hand, learned Departmental Representative by vehemently relying upon the orders passed by the lower authorities submitted that the assessee did not properly disclose the long-term capital loss and therefore penalty under section 271(1)(c) of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ./2019, vide order dated 31/05/2022, observed as under: "9.4 Further, the phrase furnishing "inaccurate particular" of income has not been defined under the provision of the Act. However, we note that the Hon'ble Supreme Court in the case of CIT vs. Reliance Petroproducts Pvt Ltd reported in 189 taxman 322 has discussed the term inaccurate particular by as "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". Thus, to arrive at the conclusion that, the assessee has furnished inaccurate particulars of income, it has to be tested whether the detail furnished in the return of income is incorrect or erroneous or falls. In other words th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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