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| The Tax Publishers2019 TaxPub(DT) 0053 (Mum-Trib) INCOME TAX ACT, 1961
Section 271(1)(c)
Mere rejection of claim made by the assessee, would not ipsofacto result in penalty under section 271(1)(c) if there was absence of concealment and/or furnishing of inaccurate particulars of income.
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Penalty under section 271(1)(c) - Concealment or furnishing of inaccurate particulars - Non-acceptance of assessee's claim -
AO levied penalty under section 271(1)(c) for the reason that expenditure claimed by the assessee was not found deductible.Held: Mere rejection of claim, made by the assessee, would not ipsofacto result in penalty under section 271(1)(c). As evident, assessee had made complete disclosure of facts and thus, it could not be said to have concealed particulars of income or furnished inaccurate particulars of income, therefore, levy of penalty under section 271(1)(c) was not justified.
Relied:CIT v. Reliance Petroproducts (P) Ltd. (2010) 322 ITR 158 (SC) : 2010 TaxPub(DT) 1683 (SC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. :
IN THE ITAT, MUMBAI BENCH
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