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2013 (6) TMI 520 - ITAT AHMEDABADPenalty u/s. 271(1)(c) - Disallowance of Depreciation on factory Building & Technical Fees Written off - Held that:- The undisputed facts in this case are that the assessee has claimed depreciation of the portion of building let out and had claimed write off of expenditure incurred on technical know-how fee. The fact of claiming of deduction was disclosed in the profit and loss account and also in the return of income. This bona fide belief of the assessee has not been controverted by Revenue by bringing any tangible material on record. As seen in the light of the decision of Price Waterhouse Coopers Pvt. Ltd. (2012 (9) TMI 775 - SUPREME COURT) and Zoom Communication P. Ltd. (2010 (5) TMI 34 - DELHI HIGH COURT) wherein held that absence of due care does not mean that the assessee is guilty of either furnishing inaccurate particulars or attempting to conceal its income, thus concluded that since all the necessary facts with respect to the claim of disallowance and deductions were furnished in the return income the fact that the disallowance has been made does not call for levy of penalty us/ 271(1)(c). Thus penalty levied by the AO cancelled. In favour of assessee.
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