Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2011 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (11) TMI 504 - AT - Income TaxPenalty u/s 271(1)(c) – incorrect claim of depreciation on non-compete fees & difference in the claim of deduction u/s 10A & 10B - Held that:- For deduction u/s 10A Tribunal itself for the same A.Y. has held in favor of assessee and whether non-compete fee is an intangible asset is not without doubt hence as held in the case of Reliance Petroproducts Pvt Ltd. (2010 (3) TMI 80 - SUPREME COURT) that making an incorrect claim in law would not tantamount to furnishing of inaccurate particulars. Same follows in difference in the claim of deduction u/s 10B on account of interest income and miscellaneous income as also on account of difference in turnover since there was no furnishing of inaccurate particulars by the assessee - in favour of assessee Failure to keep and maintain information and document in respect of international transaction – Held that:- Assessee's contention that it had all such records was not effectively rebutted by the Revenue at any point of time. Further, no change was considered necessary to the Arms Length Price, hence deletion of penalty is justified - Decided against the Revenue
|