TaxTMI 
TaxTMI 
2014 (2) TMI 1270
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.... 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 case in brief are that the assessee claimed dep....
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....ce 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 also furnished inaccurate particulars of income, th....
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....der:- "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 the income of the assessee. Such a claim made in the return....
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....essee 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 for gratuity to its total income. The assessee should have b....