HIGH COURT OF JUDICATURE AT HYDERABAD FOR THE STATE OF TELANGANA AND THE STATE OF ANDHRA PRADESH THE HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTA AND THE HON’BLE SRI JUSTICE SANJAY KUMAR I.T.T.A. No. 683 of 2014 Date: 27.11.2014 Between:
Commissioner of Income Tax-II, Hyderabad.
… Appellant And M/s. TCI Industries Limited Secunderabad.
… Respondent This Court made the following:
THE HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTA AND THE HON’BLE SRI JUSTICE SANJAY KUMAR I.T.T.A. No. 683 of 2014 JUDGMENT: (Per the Hon’ble the Chief Justice Sri Kalyan Jyoti Sengupta) This appeal is dismissed for the following reasons.
The learned Tribunal has found that pre-condition of initiation of penalty proceedings under Section 271(1)(c) of the Income Tax Act, 1961, does not apply. It was neither a case of furnishing inaccurate particulars of income nor concealment thereof. Rather, it was a case of claiming incorrect deduction by the assessee.
Therefore, instead of showing the expenditure as taxable income, claiming deduction of the same is not concealment or furnishing inaccurate particulars of income. This is what exactly the Hon’ble Supreme Court has held in the case of Commissioner of Income Tax
[1]
vs. Reliance Petro Products Private Limited , which has been noted and followed by the learned Tribunal.
We therefore dismiss the appeal. No order as to costs.
K.J. SENGUPTA, CJ SANJAY KUMAR, J
Date: 27.11.2014 ES
[1] 322 ITR 158 (SC)