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| The Tax Publishers2020 TaxPub(DT) 4541 (Pune-Trib) INCOME TAX ACT, 1961
Section 271(1)(c)
Where assessee had filed particulars of claim made under section 40A (3), but being not acceptable by AO could not be a ground for levy of penalty under section 271(1)(c).
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Penalty under section 271(1)(c) - Concealment - Disallowance under section 40A(3) -
Assessee filed appeal against penalty levied under section 271(1)(c) on the ground that mere disallowance under section 40A(3) does not attract penalty especially when it had filed all particulars required.Held: AO initiated penalty proceedings for filing 'inaccurate particulars of income' wheras, the details regarding the impugned disallowance under section 40A(3) made were before AO and on examination of such details, AO made various disallowances. This clearly showed that the assessee filed particulars involving claim under section 40A(3), but however, AO could not find the same as acceptable and proceeded to make disallowance. In such circumstances, only on the basis that the assessee made wrong claim the penalty could not be levied under section 271(1)(c).
REFERRED :
FAVOUR : In favour of assessee.
A.Y. : 2004-05
INCOME TAX ACT, 1961
Section 271(1)(c)
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