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2017 (11) TMI 448 - ITAT MUMBAIPenalty u/s 271(1)(c) - claim of depreciation on the co-generation plant by the assessee at a rate of 100% - Held that:- In the case of the present assessee the revenue in itself appreciating that the raising of a claim of depreciation on the co-generation plant by the assessee at a rate of 100% as against the rate 80% to which it stood statutorily entitled was a bonafide mistake, had thus on the said count not even initiated any such penalty proceedings in the hands of the assessee for the immediate preceding year, viz. A.Y. 2003-04. Still further, we find that the assessee had during the course of the assessment proceedings on realizing its mistake had revised the depreciation rate on the co-generation plant from 100% to 80%. We thus are of the considered view that the raising of the wrong claim of depreciation by the assessee in the present case safely falls beyond the sweep of a ‘False claim’, as a result whereof the aforesaid judicial pronouncements relied upon by the ld. D.R are clearly found to be distinguishable on facts, as against those involved in the case of the present assessee. We thus after deliberating at length on the well reasoned order of the CIT(A), find to be in agreement with the view taken by him. - Decided against revenue.
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