Section 271(1)(c) penalty quashed for not specifying inaccurate or false particulars

Clean Science & Technology Pvt. Ltd. Vs CIT (A) (ITAT Pune)

The issue in the present appeal relates to the levy of penalty u/s 271(1)(c) of the Act. On perusal of the penalty order as well as the assessment order, it would reveal that the penalty was levied for furnishing the inaccurate particulars of income in respect of addition of prior period expenses of Rs.1,26,142/-. It also reveals that the addition was agreed to by the assessee during the course of assessment proceedings on a query posed by the Assessing Officer.

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