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2014 (2) TMI 941 - ITAT MUMBAIConfirmation of Penalty u/s 271(1)(c) of the Act – Disallowance of Depreciation on leased assets – Held that:- The decision in IndusInd Bank Limited Versus Addl. CIT, Range 2(3), Mumbai [2014 (2) TMI 594 - ITAT MUMBAI] followed - It is a legal claim made by the assessee and even the same claim was made in the earlier years - The CIT(A) gave a finding that the assessee neither concealed its income nor furnished inaccurate particulars of income and the claim is continuous one – thus, the assessee is entitled for the claim of depreciation - this is neither the case of inaccurate particulars of income or concealment of income – thus, the penalty is not exigible – the order of the CIT(A) reversed – Decided in favour of assessee.
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