Before the Tribunal the assessee submitted that a mere claim of bad debt in the return of income does not amount to furnishing inaccurate particulars of income or concealing any part of the assessee’s income. Placing reliance on the judgment of Apex Court in CIT Vs. Reliance Petroproducts (P) Ltd. (2010) 322 ITR 158 the Tribunal held that, a mere claim in the return of income after furnishing entire details, does not amount to furnishing inaccurate particulars of income or concealing any part of income. Discussing the Revenue appeal, the Tribunal confirmed the order of the Ld. CIT(A) deleting the levy of penalty. (AY. 2011-12)
ACIT v. R. Easwaran HUF (2018) 68 ITR 89 (SN) (Chennai)(Trib.)
S. 271(1)(c) : Penalty -Concealment-Bad debt-Mere claim of bad debts not written off in books of accounts does not call for levy of penalty for furnishing of inaccurate particulars. [S.36(1)(vii)]