Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (7) TMI 75 - ITAT PUNELevy of penalty u/s.271(1)(c) - disallowance of depreciation as assets were not put to use for the purpose of running business activity in the years under consideration - Held that:- Since the assessee in the instant case has disclosed all material facts necessary for completion of the assessment and the assessment was based on the particulars supplied by the assessee in the return of income itself and not on the basis of any independent investigation made by the Assessing Officer to unearth something not disclosed by the assessee, therefore, relying on the decisions of Bhimji and Bhanjee and Co. [1982 (7) TMI 18 - BOMBAY High Court] Reliance Petroproducts Pvt. Ltd. [2010 (3) TMI 80 - SUPREME COURT ] and we are of the considered opinion that it is not a fit case for levy of penalty u/s.271(1)(c) of the I.T. Act. The decisions relied on by the Ld.CIT(A) are distinguishable and not applicable to the facts of the present case. We therefore set aside the order of the CIT(A) and direct the Assessing Officer to cancel the penalty and the grounds raised by the assessee for all the 3 years are allowed. - Decided in favour of assessee.
|