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2015 (5) TMI 544 - ITAT MUMBAIPenalty u/s 271(1)(c) - tenancy rights were not acquired on 02/05/2005 and further tenancy rights are not covered u/s 32 of the Act for claim of depreciation - Held that:- If the assessee does not make a claim then no deduction may be granted. Non-allowance per se does not mean that there is concealment or furnishing inaccurate particulars. It is only after necessary permissions were obtained from the Municipal Corporation, the assessee entered into a formal lease agreement. The totality of facts clearly indicates that there was nothing wrong in making a claim by making full disclosure of facts. The fact that the Assessing Officer was not agreeing with the claim itself does not lead to the conclusion that the assessee filed inaccurate particulars or concealed its income. The decision in the case of Reliance Petro Products Ltd. [2010 (3) TMI 80 - SUPREME COURT] favors the case of assessee. - Decided in favour of assessee.
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