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| The Tax Publishers2021 TaxPub(DT) 3543 (Bang-Trib) INCOME TAX ACT, 1961
Section 271(1)(c)
Where from the facts of this case, it was clear that the assessee disclosed all the particulars of his income and AO had disallowed claim without holding it to be bogus and the genuineness of the claim was not in question, following the decision held in case of CIT v. Reliance Petro-products Pvt Ltd (2010) 322 ITR 158 (SC) : 2010 TaxPub(DT) 1683 (SC) the penalty levied under section 271(1)(c) was deleted.
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Penalty under section 271(1)(c) - Leviability - Assessee disclosed all material facts -
Assessee was a trust registered under 12A and was also entitled for exemption under section 11. AO held that the amount paid by students admitted to assessee's educational institution was not towards corpus donation account, but was collected only by way of capitation fee and that such amount of capitation fee was not exempt in the hands of assessee. He thus, levied penalty by holding that assessee filed inaccurate particulars.Held: From the facts of this case, it was clear that the assessee disclosed all the particulars of his income. AO had disallowed claim without holding it to be bogus or false. Thus, the genuineness of the claim was not in question. Thus, following the decision held in case of CIT v. Reliance Petroproducts Pvt Ltd (2010) 322 ITR 158 (SC) : 2010 TaxPub(DT) 1683 (SC),. the penalty levied deserves to be deleted.
Followed:CIT v. Reliance Petroproducts Pvt Ltd (2010) 322 ITR 158 (SC) : 2010 TaxPub(DT) 1683 (SC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2013-14
IN THE ITAT, BANGALORE BENCH
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