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2018 (1) TMI 889 - ITAT PUNELevy of penalty u/s 271(1)(c) - disallowing claim of depreciation on know-how, patents and trademarks - Held that:- The Tribunal in assessee’s own case [2018 (1) TMI 12 - ITAT PUNE]as of the view that slump price had to be bifurcated over the cost of tangible assets and balance consideration has to be attributed to goodwill, know-how, patents and trademarks. The Tribunal after taking into consideration the factual and legal aspects of the case and the claim of assessee, held the assessee to be entitled to claim depreciation both on tangible and intangible assets, including depreciation on non-compete fees. The claim of assessee was allowed in entirety. Consequent thereto, enhancement made by the CIT(A) in the quantum proceedings has been reduced to Nil in the hands of assessee. Consequent thereto, there is no basis for levy of penalty under section 271(1)(c) of the Act. - Decided in favour of assessee
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