Commissioner of Income-tax-II, Hyderabad v. TCI Industries Limited
[Citation -2014-LL-1127-75]

Citation 2014-LL-1127-75
Appellant Name Commissioner of Income-tax-II, Hyderabad
Respondent Name TCI Industries Limited
Court HIGH COURT OF HYDERABAD FOR THE STATE OF TELANGANA AND THE STATE OF ANDHRA PRADESH
Relevant Act Income-tax
Date of Order 27/11/2014
Judgment View Judgment
Keyword Tags furnishing inaccurate particulars of income • initiation of penalty proceedings • taxable income


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