2014 (4) TMI 886

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....r: T S Kapoor: This is an appeal filed by the assessee against upholding of penalty order passed by ld CIT(A) vide order dated 8.12.2006. The appeal was earlier heard by the Tribunal on dated 27.10.2010 which was allowed by the Tribunal on the basis that penalty proceedings were time barred. The revenue took the matter before Hon'ble Delhi High Court and Hon'ble High Court vide its judg....

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....ence of opinion. It was further submitted that no particulars were concealed and full particulars were filed with regard to interest on mortgage loans business expenses and depreciation and the disallowances by Assessing Officer were made from the P&L A/c itself, therefore, there was no concealment of particulars of income and addition was made only on account of difference of opinion. 3. The L....

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....     7. CIT v. Mahanagar Telephone Nigam Ltd., - 2011-TIOL-726-HC-DEL-IT 4. In view of these case laws, the Ld AR argued that penalty u/s 271(1)( c) was not imposable. 5. The Ld DR, on the other hand relied upon the authorities below. 6. We have heard the rival submissions of both the parties and have gone through the material available on record. We find that the disallow....

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....be imposed even for making unsustainable claims and by no stretch of imagination can making of an incorrect claim of expenditure tantamount to furnishing of inaccurate particulars. If the contention of the Revenue is accepted then in case of every return where the claim made is not accepted by the Assessing Officer for any reasons, the assessee will invite penalty u/s 271(1)(c). That is clearly no....