Case Law Details
Case Name : ACIT Vs PTC Industries Ltd. (ITAT Delhi)
Appeal Number : ITA No. 727/LKW/2014
Date of Judgement/Order : 15/06/2015
Related Assessment Year : 2010-2011
Courts :
All ITAT ITAT Delhi
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Brief of the case:
ITAT Delhi held in case of ACIT Vs. PTC Industries Ltd. ITAT held that when expenditure claimed is genuine then penalty u/s 271 (1) (c) cannot be levied. ITAT relied upon the decision of Hon’ble Supreme Court in the case of CIT Vs. Reliance Petro Product Pvt. Ltd. (2010) 36 DTR 449 (SC) wherein it was held that merely because of the assessee’s claim, deduction of the interest of expenses which has not been accepted by revenue, penalty u/s 271(1)(c) not attracted, for merely making of the claim, which is not sustainable in law by itself will not amount furnishing inaccurate particulars of income.
Facts of the case:
- AO has made the addition of disallowances of Revenue Expenditure claimed by appellant u/s 35(2AB) of I.T. Act of Rs.32,42,889/- (150% deduction claimed at Rs.21,61,926/-).
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