C.I.T.,Ahmedabad vs Reliance Petroproducts Pvt.Ltd on 17 March, 2010
In Reliance
Petroproducts (P) Ltd. (supra), the Hon'ble Supreme Court held that
"Merely because the assessee claimed deduction of interest expenditure
which has not been accepted by the Revenue, penalty u/s 271(1)(c) is not
attracted, mere making of the claim, which is not sustainable in law, by
itself, will not amount to furnishing inaccurate particulars regarding the
income of the assessee".