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2018 (6) TMI 610 - ITAT NAGPURInitiation of penalty u/s. 271(1)(c) - assessee had deliberately claimed a deduction under the head “Investment Depreciation Reserve” without routing the same through the P & L account - Held that:- Assessee is a co-operative bank which held various government securities - the assessee in the return of income has claimed deduction on account of depreciation in value of the securities - thus the claim of deduction by the assessee cannot be said to be a subject matter of levy of penalty u/s. 271(1)(c), just because assessee has accepted the quantum disallowance - assessee has duly disclosed all the necessary materials - just because assessee has not routed the same through profit and loss account does not by itself said to be a contumacious conduct warranting levy of penalty u/s. 271(1)(c) - hence, the assessee cannot be held to be guilty of either concealment of income of furnishing of inaccurate particulars of income - Decided in favor of assessee.
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