Tribunal deletes penalty citing identical facts, no inaccurate particulars.

The Tribunal set aside the CIT(A)'s order and deleted the penalty under section 271(1)(c) for the assessee, as it found the facts to be identical to the brother's case where the penalty was deleted. The Tribunal held that the disallowance of claims did not constitute furnishing inaccurate particulars of income, following the precedent in Reliance Petroproducts (P) Ltd. The appeal of the assessee was allowed, and the penalty was deleted.

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Issues involved: The judgment deals with the levy of penalty under section 271(1)(c) for furnishing inaccurate particulars of income.

Summary:
The appeal was filed against the order of CIT(A) for the assessment year 2006-07 regarding the penalty under section 271(1)(c). The AO had disallowed various amounts and initiated penalty proceedings. CIT(A) upheld the penalty, stating that the assessee had furnished inaccurate particulars of income. The assessee argued that a similar penalty on the brother had been deleted by the Tribunal for identical additions. The Tribunal found that the additions made were similar to the brother's case, where penalty was deleted based on legal precedents. The Tribunal held that the disallowance of claims did not amount to furnishing inaccurate particulars of income, citing the judgment in the case of Reliance Petroproducts (P) Ltd. The penalty was deleted, following the precedent set in the brother's case.

Therefore, the Tribunal set aside the order of CIT(A) and deleted the penalty levied under section 271(1)(c) for the assessee, as the facts were identical to the brother's case where the penalty was deleted. The appeal of the assessee was allowed.

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