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2011 (10) TMI 45 - DELHI HIGH COURT
Penalty u/s 271(1)(c) - Penalty levied on the ground that (i) payment made to Bombay Telephone District Staff Welfare Fund was disallowed u/s 40A(9) and (ii) AO allowed claim of depreciation @20% as against claimed by the assessee @25% - Held that:- the A.O. having failed to record a finding that the assessee had furnished inaccurate particulars, the imposition of penalty under Section 271(1) (c) of the I.T. Act was a complete non-starter. This finding of fact has been affirmed by the Tribunal and we find no reason to disagree with the same. A mere erroneous claim made by an assessee, though under a bonafide belief that, it was a claim which was maintainable in law, cannot with more, lead to an imposition of penalty.