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TMI Blog2023 (12) TMI 1033X X X X Extracts X X X X X X X X Extracts X X X X ..... its return were found inaccurate or false cannot attract section 271(1)(c) of the Act. In fact, the assessee at the time of assessment proceedings has given a detailed calculation related to interest u/s. 36(1)(iii) on borrowed funds for acquiring capital assets and this very same amount was added by the AO and thus it cannot be said that the assessee furnished inaccurate particulars of income or concealed particulars of income though the assessee was under bonafide mistake did not state the same in its return of income. The notice also lapses on the part of not specifying the particular of limb of section 271(1)(c) of the Act which was decided by the Hon ble Apex Court in case of CIT vs. SSA s Emerald Meadows [ 2016 (8) TMI 1145 - S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the penalty proceedings were initiated u/s. 271(1)(c) for furnishing inaccurate particulars of income. The Assessing Officer issued show cause notice dated 08-12-2017 for which the assessee replied vide letter dated 28-12-2017. After taking cognizance of the said reply, the Assessing Officer levied penalty of Rs. 3,92,100/- u/s. 271(1)(c) of the Act in respect of furnishing inaccurate particulars of income and concealing its income. 4. Being aggrieved by the penalty order, the assessee filed appeal before the CIT(A). The CIT(A) dismissed the appeal of the assessee. 5. The ld. A.R. submitted that during the course of assessment proceedings, the interest of Rs. 12,68,946/- on borrowed fund from acquiring assets were worked out by the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all the relevant materials available on record. There is a delay of 71 days in filing the present appeal for which the assessee has filed condonation of delay application and the reasons stated therein appears to be genuine, hence the delay is condoned. It is pertinent to note that the Hon ble Supreme Court in case of Reliance Petro-Product Pvt. Ltd. 322 ITR 180 categorically stated that the word inaccurate particulars means that the details supplied in the return are not accurate not exact or correct and not according to truth or erroneous. In the absence of finding by the Assessing Officer that any detail supplied by the assessee in its return were found inaccurate or false cannot attract section 271(1)(c) of the Act. In fact, the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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