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2019 (4) TMI 2140 - BOMBAY HIGH COURTPenalty u/s 271(1)(c) - debatable issue - bonafide claim by disclosing income and particulars of such income - ITAT deleted addition as High Court has admitted the appeal on quantum addition by framing substantial question of law for consideration, ignoring all other material facts considered for levying the penalty - HELD THAT:- Firstly, it is undisputed that the assessee had made full disclosure of income and the particulars of income. The assessee had made bonafide claim of depreciation on lease assets. Whether such claim eventually stands legal requirement or not, what is important is that the assessee had raised such a bonafide claim by disclosing income and particulars of such income. As is held by the Supreme Court in its decision in the case of CIT, Ahmedabad Vs. Reliance Petroproducts Pvt Ltd [2010 (3) TMI 80 - SUPREME COURT] merely because a claim is not acceptable in law would not give rise to penalty proceedings. Decided in favour of assessee.
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