income tax Act, 1961 — Section 271(1)(c) — penalty proceedings — assessee/Company filed income tax Return and in respect of interest expenditure was claimed by the assessee — penalty proceedings under Section 271(1)(c) were initiated by the Assessing Authority on account of concealment of income/furnishing of inaccurate particulars of income — Commission of income tax (Appeals) deleted the said penalty, which orders were confirmed by the IT Appellate Tribunal and the High Court — appeal — whether the respondent-assessee is liable to pay the penalty amounting to Rs.11,37,949/- under Section 271(1)(c) ordered by the Assessing Authority
(Case/Appeal No: Civil Appeal No. 2463 of 2010) C.I.T., Ahmedabad Appellant Vs. Reliance Petroproducts Pvt. Ltd. Respondent, decided on 3/17/2010. Name of the Judge: Hon'ble Mr. Justice V.S. Sirpurkar and Hon'ble Dr. Justice Mukundakam Sharma.
This Court observed that the assessee furnished all the details of its expenditure as well as income in its Return, which details, were not found to be inaccurate or erroneous or false, thus, no question of inviting the penalty under Section 271(1)(c) of the Act — held that merely because the assessee had claimed the expenditure, which claim was not accepted by the Revenue, that by itself would not attract the penalty under Section 271(1)(c) — appeal dismissed.