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TMI Blog2024 (10) TMI 249X X X X Extracts X X X X X X X X Extracts X X X X ..... Petro-products Private Limited [ 2010 (3) TMI 80 - SUPREME COURT ] wherein it was categorically held by Hon ble Supreme Court that merely making an incorrect claim which is not substantiated does not attract penalty under section 271(1)(c) of the income tax Act Assessee earned interest income during the year under consideration but the same was not offered for taxation. However, noticed that during the assessment proceedings, the additional income was brought for taxation. Be that as it may, after considering the entire fact, circumstances of the present case, noticed that both the lower authorities have proceeded as the levy of penalty under section 271(1)(c) is automatic without considering section 273 therefore, now being satisfied by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (1)(c) 5. The AO not considered the Submitted Decisions of relavant courts furnished by the Assessee in his favour. 2.1 The brief facts of the case are that assessee being a retired salaried Person filed return of income, declaring salary, income of Rs. 4,30,29/- which was processed under section 143(1) of the income tax Act. However, the AO observed that the gross income of the assessee was Rs. 11,41,896/- as per Form number 16, thereafter the case was reopened under section 147 of the Income Tax Act and in response thereof, the assessee filed return of income on 24th May 19, declaring income of Rs. 8,94,700/-. Thus, in this way, additional income was declared of Rs. 4,64,410/-. The assessee claimed deduction under section 80DD of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esent case was rightly imposed. It was further argued that assessee has not disclosed his interest income in the income tax return filed by him and thus he requested for the dismissal of the Appeal. 2.7 I have heard the counsel for both the parties and have also perused the material placed on record, judgements cited before me, and also the orders passed by the revenue authorities. From the records, I noticed that as far as the quantum additions are concerned, admittedly, the assessee has not filed any appeal and has already paid taxes due thereon apart from this it was also submitted before me that the assessee is retired individual from M/s. Hindustan Copper Limited, Jhunjhunu and the son of the assessee being disabled person having disab ..... X X X X Extracts X X X X X X X X Extracts X X X X
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