2014 (1) TMI 1264

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....ppeals which were heard together. So, these are being disposed off by this consolidated order for the sake of convenience. 2.1 First, we will deal with ITA No. 11/Jodh/2012 for the Assessment Year 2003-04. The only grievance of the Department in this appeal relates to deletion of penalty amounting to Rs. 7,60,580/ levied by the Assessing Officer u/s 271(1)(c ) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') . 2.2 The facts of the case in brief are that the assessee filed the return of income on 14-11-2003 declaring total income of Rs. 2,47,180/-. In the said return, deduction u/s 80P of the Act was claimed at Rs. 27,29,776/-. However, the Assessing Officer vide assessment order dated 29-03- 2006 determined the incom....

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.... following case laws:- 1. Chandrapal Bagga vs ITO, 182 CTR 185 (Raj.) 2. Devidas Sukhani vs ITO, 101 TTJ 551 (Jd.) 3. CIT vs Reliance Petorproducts (P) Ltd., 230 ITR 320 (SC) The Assessing Officer however, did not find merit in the submissions of the assessee and levied the penalty of Rs. 7,06,580/- u/s 271(1)( c) of the Act by observing that the assessee had concealed the income to the tune of Rs. 23,12,411/- by claiming deduction on the basis of furnishing the inaccurate particulars of its income. 2.4 The assessee carried the matter to the ld. CIT(A) and submitted that the case of the assessee was merely a case of disallowance of deduction and there was no concealment of income or furnishing the inaccurate particulars of in....

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....ed income. The Assessing Officer did not accept the claim of the assessee and that can be a ground for making the addition but not for levying the penalty u/s 271(1)( c) of the Act. In this regard, the Hon'ble Supreme Court in the case of CIT vs Reliance Petroproducts (P) Ltd. , 322 ITR 158 has held as under:- ''A glance at the provisions of section 271(1)(c) of the Income-tax Act, 1961, suggests that in order to be covered by it, there has to be concealment of the particulars of the income of the assessee. Secondly, the assessee must have furnished inaccurate particulars of his income. The meaning of the word "particulars" used in section 271(1)(c) would embrace the details of the claim made. Where no information given in the return is ....