Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (6) TMI 745 - ITAT AHMEDABADLevy of penalty u/s 271(1)(c) of the Act - Claim of depreciation on plant and machinery - Held that:- The assessee had disclosed the material facts before the AO - when the assessee has made a particular claim in the return of income and has also furnished all the material facts relevant thereto, the disallowance of claim cannot automatically lead to the conclusion that there was concealment of particulars of his income by the assessee or furnishing inaccurate particulars - Relying upon CIT vs. Reliance Petro Products Pvt. Ltd. [2010 (3) TMI 80 - SUPREME COURT] - a mere making of claim which is not sustainable in law, by itself, would not amount to furnishing of inaccurate particulars regarding income of the assessee - such a claim made in return is not amounting to furnishing of inaccurate particulars – thus, making of addition while framing assessment does not call for levy of penalty u/s 271(l)(c) – thus, the order of the CIT(A) is set aside – Decided in favour of Assessee.
|