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2020 (9) TMI 1124 - ITAT MUMBAILevy of penalty u/s 271(1)(c) - whether the assessee is entitled for depreciation on properties which were let out, income from which is taxed under the head ‘income from house property’? - CIT(A) had disallowed the said depreciation on the ground that since the rental income derived from those properties were taxed under the head ‘income from house property’ and assessee would be entitled for statutory deduction @30% towards repairs alone and no further deduction is permissible under the head ‘ income from house property’ - HELD THAT:- This is a case where penalty has been initiated on one limb of the offence and penalty levied ultimately on a different limb of the offence. In these type of cases, the Hon’ble Jurisdictional High Court had held that when there is no satisfaction recorded by the ld. AO in the quantum assessment order and penalty initiated on one limb and ultimately levied on different limb of the assessee, then in such cases, the penalty levied deserved to be cancelled. Reliance in this regard is placed on the decision of SHRI SAMSON PERINCHERY [2017 (1) TMI 1292 - BOMBAY HIGH COURT]. Similar view has also been taken by the Hon’ble Jurisdictional High Court in the recent decision in the case of Ventura Textiles Ltd., vs. CIT [2020 (6) TMI 305 - BOMBAY HIGH COURT]. Respectfully following the aforesaid decision, we hold that the penalty levied in the instant case is not sustainable in the eyes of law. We find that it was the assessee which has actually provided all the details in respect of value of properties which were purchased from Financial Year 1990-91 onwards and the respective written down value at the end of each year before the lower authorities. It was the very same details that were furnished by the assessee which was placed reliance by the ld. CIT(A) while levying the penalty. Hence, there cannot be any concealment of particulars of income on the part of the assessee. When all the information available for determining the income of the assessee is placed on record voluntarily by the assessee either in the return or before the authorities at the time of assessment or appellate proceedings, then there cannot be any concealment of particulars of income that can be attributed on the assessee. See RELIANCE PETROPRODUCTS PVT. LTD. [2010 (3) TMI 80 - SUPREME COURT] - Decided in favour of assessee.
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