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| The Tax Publishers2019 TaxPub(DT) 1500 (Ahd-Trib) INCOME TAX ACT, 1961
Section 271(1)(c)
Merley because the claim made on bona fide interpretation and belief was not found acceptable, it could not be held that income was concealed or inaccurate particulars were furnished so as to levy penalty under section 271(1)(c).
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Penalty under section 271(1)(c) - Concealment or furnishing of inaccurate particulars - Reason, exemption claimed on bona fide interpretation and belief not found acceptable -
AO levied penalty under section 271(1)(c) on the ground that assessee's claim under section 54B was not found acceptable to him.Held: Though assessee's claim for exemption under section 54B was tenable under the statute it ultimately did not make out a case of deliberate concealment of income as assessee had furnished all the details, information and explanation regarding his claim of exemption during assessment. No information or details were withheld from the acknowledgement of AO. Thus, it could be a wrong claim, but could not be said to be false and accordingly, no penalty could be levied under section 271(1)(c).
Followed:Reliance Petro Prodct (P) Ltd. (2010) 322 ITR 158 (SC) : 2010 TaxPub(DT) 1683 (SC) and Chandrapal Bagga v. ITAT (2003) 261 ITR 67 (Raj) : 2003 TaxPub(DT) 1004 (Raj-HC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2011-12
IN THE ITAT, AHMEDABAD BENCH
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