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2013 (11) TMI 1374 - BOMBAY HIGH COURTTransfer of plant and machinery to new industrial unit - Rejection of deduction u/s 80IA - Penalty u/s 271(1)(c) is leviable or not - Held that:- The Assessee was under the bonafide impression, that since more than 80% of the cost at new factory was by installing new plant and machinery and only less than 20% of the cost was towards transferring the plant and machinery, it was entitled to benefit under Section 80-IA - Assessee has not concealed any fact from the authorities - Neither there is suppression of fact or misrepresentation of fact by the Assessee - For attracting penalty u/s 271(1)(c) men's rea is necessary - Decided against Revenue.
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