Penalty u/s 271(1)(c) untenable as making of claim doesn’t amount to furnishing of inaccurate particulars

Trine Entertainment Limited Vs ITO (ITAT Mumbai)

ITAT Mumbai held that penalty u/s 271(1)(c) not leviable as mere making of a claim which is not sustainable in law by itself will not amount to furnishing of inaccurate particulars of income.

Facts- The assessee is engaged in business of developing online and offline games softwares in its 100% export oriented STPI unit. The assessment of the year under consideration was completed by the Assessing Officer under Section 143(3

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