Assessee's claim deduction under section 80-IA on sales tax benefits

IT : Where assessee's claim deduction under section 80-IA on sales tax benefits which were not derived from its eligible business was disallowed but no information or statement given in return was found to be factually incorrect or inaccurate concealment, penalty was not be imposed
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[2014] 50 taxmann.com 331 (Pune - Trib.)
IN THE ITAT PUNE BENCH 'A'
Income-tax Officer, Ward-3 (1), Pune
v.
Sharada Construction & Investment Company*
SHAILENDRA KUMAR YADAV, JUDICIAL MEMBER
AND R.K. PANDA, ACCOUNTANT MEMBER
IT APPEAL NO. 1619 (PN.) OF 2012
[ASSESSMENT YEAR 2004-05]
JULY  30, 2014
Section 271(1)(c), read with section 80-IA, of the Income-tax Act, 1961 - Penalty - For concealment of income (Disallowance of claim, effect of) - Assessment year 2004-05 - Assessee, engaged in production of power from windmill, claimed deduction under section 80-IA - Assessing Officer noticed that sales tax benefit were included in said deduction though they were not derived from eligible business - Assessee submitted that it was part of trading receipt - Assessing Officer disallowed deduction to that extent and initiated penalty proceedings - Whether since assessee had made disclosure by way of furnishing facts and material in computation of income and no information or statement given in return or during assessment proceedings was found to be factually incorrect or inaccurate, case of assessee could not be said to be a case of concealing particulars of income' or 'furnishing of inaccurate particulars of income' as contemplated under section 271(1)(c) - Held, yes [Para 10] [In favour of assessee]