2018 (3) TMI 1765

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....r, This appeal by the Revenue under Section 260A of the Income-tax Act, 1961 (for short, 'the Act of 1961'), seeks to raise the following substantial question of law: "In the facts and circumstances of the case, whether the Tribunal (ITAT) is correct in law in cancelling the penalty levied by the Assessing Officer under Section 271(1)(c) of the Income Tax Act, 1961, for the concealment....

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....t in CIT v. Reliance Petro Products Pvt. Ltd. (322 ITR 158 (SC), which held to the effect that mere making of a claim, which is not sustainable in law, would not amount to furnishing inaccurate particulars and observed that no infirmity was made out in the order dated 17.09.2014 of the Commissioner of Income Tax (Appeals), Visakhapatnam, holding to the effect that the levy of penalty was not warra....