Mere wrong claim of deduction did not give rise to penalty u/s 271(1)(C)

Brief of the case:

ITAT held in Pooja Industries Vs ITO that penalty u/s 271(1)(c) could not be levied only because that the assessee had wrongly claimed deduction u/s 80IC @ 100% instead of deduction u/s 80IB. Penalty could only be levied only and only if there were inaccurate particulars of the income and there were concealment of particulars of income of the assessee. Making an incorrect claim would not tantamount to furnishing inaccurate particulars. So penalty us 271(1)(C) could not be levied.

Facts of the case:

The assessee had filed its return of income after claiming deduction u/s 80IC @ 100% for the expansion of roller flour mills but AO was of the view that the assessee was not eligible for deduction u/s 80IC but under 80IB @ 25% because it was not a roller flour mill but only a flour mill. So AO had levied penalty u/s 271(1)(c) for inaccurate furnishing of particulars which assessee denied and went into appeal.

Contention of the assessee:

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