2020 (2) TMI 1147

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....s of law: "(i) On the facts and in the circumstances of the case the Ld. CIT (A) and the Ld. ITAT have erred on facts and in law in deleting the penalty of Rs. 1,26,39,400/- levied by the Assessing Officer u/s 271(1)(c) of the Act without properly appreciating the facts of the case and without specifying what was wrong with Assessing Officer's order as of why penalty was not leviable in this case? (ii) Ld. CIT (A) and Ld. ITAT has erred on facts and in the law in deleting the penalty levied by the AO u/s 271(1)(c) of the Income Tax Act, 1961 without appreciating the fact that addition made by AO was confirmed to the extent of Rs. 1,85,92,817/- and the assessee's intention was to withhold true particulars of income?....

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....d 30.3.2012. The 1st Appellate Authority set aside the penalty vide order dated 31.3.2015. The appeal filed by the revenue was dismissed by the Tribunal, hence the present appeal. Learned counsel for the revenue argued that the 1st Appellate Authority erred in setting aside the penalty, the partial addition was sustained and hence the penalty qua the same was leviable. The contention raised lacks merit. Section 271(1)(c) of the Act is reproduced below: "271. (1) If the Assessing Officer or the Commissioner (Appeals) or the Commissioner in the course of any proceedings under this Act, is satisfied that any person -- xx xx xx (c) has concealed the particulars of his income or furnished inaccurate particulars o....

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....ticulars 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, the assessee has furnished inaccurate particulars of the income. As per Law Lexicon, the meaning of the word "particular" is a detail or details (in plural sense); the details of a claim, or the separate items of an account.   Therefore, the word "particulars" used in the Section 271(1)(c) would embrace the meaning of the details of the claim made. It is an admitted position in the present case that....