TaxTMI 
TaxTMI 
2016 (9) TMI 2
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....O under section 271(1)(c ) of the Income Tax act, 1961. 3. Facts of the case in brief are that the assessee filed its return of income for the assessment year under consideration on 30.9.2009 declaring total income of Rs. 14,56,08,016/-. The assessment was completed under section 143(3) on 8.12.2011 determining the total income at Rs. Rs. 14,86,25,270/- after making disallowance of claim u/s 35D of Rs. 5,35,279/- and disallowance of membership fees of Rs. 24,81,975/-. 4. During the course of assessment proceedings, the AO found that the assessee has debited an amount of Rs. 19,54,886/- under section 35D of the Act. The assessee was asked to furnish the details of the claim made u/s 35D of the Act. The assesse filed revised calculation....
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....n the case of MAK Data Limited (2013) 38 taxmann.com 448 and after considering the submissions made by the assessee and by giving the detailed findings and decision as incorporated in para 5 of the appellate order after following various decisions passed by the Hon'ble Apex Court. 5. The ld. AR reiterated the his submissions as made before the AO and the ld.CIT(A) and submitted that the penalty has been wrongly imposed by the AO and sustained by the ld. CIT(A) in the given facts as the assessee has suo mottu filed revised calculation of claim u/s 35D which was incorporated by the AO in the assessment order as stated hereinabove and difference of Rs. 5,35,279/- was added to the income of the assessee. The ld. Counsel submitted that the sa....
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....ns and perused the material available before us. We have also gone through the orders of authorities below and decisions relied upon by the parties. We find from the record that the assessee has made claim u/s 35D of the Act which was reduced during the course of assessment proceedings when the assessee filed revised calculation u/s 35D and thus the difference of Rs. 5,35,279/- was added to the income of the assessee. We find that the claim of the assessee was also certified by the Chartered Accountant of the assessee and find merit in the submissions of the ld. AR that it was claimed under bonafide belief. The case of the assessee find strong support from number of decisions as placed before the Bench during the course hearing. In the c....
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....or and had not intended to or attempted to either conceal is income or furnish inaccurate particulars. Under these circumstance, the appeal was allowed and he order passed by the Calcutta High Court was set aside" In the case of Reliance Petroproduct (supra), the Hon'ble Supreme Court held as under : "A glance at this provision would suggest that in order to be covered, 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. Present is not the case of concealment of the income. That is not the case of the Revenue either. However, the Learned Counsel for Revenue suggested that by making incorrect claim for the expenditure on interest,....
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....ch are not accurate, not exact or correct, not according to truth or erroneous. In this case, there is no finding that any details supplied by the assessee in its Return were found to be incorrect or erroneous or false. Such not being the case, there would be no question of inviting the penalty under Section 271(1)(c) of the Act. A mere making of the claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding the income of the assessee. Such claim made in the Return cannot amount to the inaccurate particulars. The assessee had furnished all the details of its expenditure as well as income in its Return, which details, in themselves, were not found to be inaccurate nor could be viewed as ....