Supreme Court of India
C. I. T., Ahmedabad v. Reliance Petroproducts Pvt. Ltd.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
From the headnote
INCOME TAX ACT, 1961: s. 271 (1 )(c) - Penalty on concealment of income or furnishing 'inaccurate particulars' - Assessee claiming in the return a certain sum as expenditure, on :the basis of expenditure made for paying the interest on the loan for 0 purchase of IPL shares - Claim not accepted - Show cause notice u/s 271(1)(c) issued to assessee....:. HELD: There is no finding that any details supplied by assessee were found to be incorrect or erroneous or false - mere making of the claim, which is not sustainable in law, by itself will not amount ·to furnishing inaccurate particulars…
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