The Tax Publishers2019 TaxPub(DT) 5077 (Jp-Trib) : (2019) 074 ITR (Trib) 0432

INCOME TAX ACT, 1961

Section 271(1)(c)

Merely on account of disallowance of certain claim, penalty could not be imposed under section 271(1)(c) when assessee had furnished all the necessary details and no defect was pointed out therein.

Penalty under section 271(1)(c) - Concealment or furnishing of inaccurate particulars - Leviability - Reason, disallowance of certain claim--Assessee furnished all the relevant details

AO levied penalty under section 271(1)(c) on the ground of deduction under section 80-IA disallowed on the ground of delay of 31 days in the filing of return of income. Assessee challenged this.Held: Assessee having filed the tax audit report and audited financial statements in time had made substantial compliance with provisions of section 80-IA, read with section 80AC and no deficiency in furnishing of such facts was pointed out by AO. Deeming fiction of Expln. 1 to section 271(1)(c) was not applicable to assessee's case and merely on account of disallowance of certain claim, penalty could not be imposed under section 271(1)(c).

Relied:CIT v. Reliance Petro Products Ltd. (2010) 322 ITR 158 (SC) : 2010 TaxPub(DT) 1683 (SC), Pr. CIT v. Sundaram Fasteners Ltd. (2018) 92 taxmann.com 356 (Madras) : 2018 TaxPub(DT) 2109 (Mad-HC), CIT v. Petals Engineers (P) Ltd. (2014) 42 Taxmann.com 433 (Bom) : 2014 TaxPub(DT) 508 (Bom-HC), CIT v. Dharampal Premchand Ltd. (2010) 329 ITR 572 (Del) : 11 Taxmann.com 437 (Del) : 2010 TaxPub(DT) 2246 (Del-HC) and Sharda Construction & Investment Company (2015) 152 ITD 574 (Pune-Trib).

REFERRED :

FAVOUR : In assessee's favour.

A.Y. : 2013-14



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