2014 (2) TMI 1270

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....D E R Per N.K.Saini (AM) : This is an appeal by the assessee against the order dated 02.12.2011 of the Commissioner of Income-tax (Appeals)-13, Mumbai. 2. The only grievance of the assessee in this appeal relates to the confirmation of penalty of Rs. 36,500 levied by the Assessing Officer u/s 271(1)(c) of the Income-tax Act, 1961 (hereinafter referred to as the "Act"). 3. Facts of the ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ments of Hon'ble Supreme Court in the case of Price Waterhouse Coopers Pvt. Ltd. Vs. CIT and another [(2012) 348 ITR 306 (SC)] and CIT v. Reliance Petroproducts Pvt. Ltd. [(2012) 322 ITR 158 (SC)]. 5. In his rival submissions, Ld. D.R. strongly supported the orders of the authorities below and further submitted that the assessee by claiming wrong depreciation not only concealed the income, but ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Reliance Petroproducts Pvt. Ltd. (supra) has held as under:- "Where there is no finding that any details supplied by the assessee in its return are found to be incorrect or erroneous or false there is no question of inviting the penalty under section 271(1)(c). A mere making of a claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... question of the assessee concealing its income or of the assessee furnishing any inaccurate particulars. Apart from the fact that the assessee did not notice the error, it was not even noticed even by the Assessing Officer who framed the assessment order. All that had happened was that through a bona fide and inadvertent error, the assessee while submitting its return, failed to add the provision....