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2024 (3) TMI 1124 - ITAT AHMEDABADPenalty u/s 271(1)(c) - loss on sale of machinery which was not eligible for deduction in the profit and loss account - assessee has made adjustment on the sale of plant and machinery in the block of asset which evidences that the assessee has not claimed any excessive depreciation therein, such loss on the sale of machinery was inadvertently not added back in the computation of income - HELD THAT:- We note that the assessee has made necessary adjustments in the block of assets of the plant and machinery which was also not doubted by the authorities below. From the above, it is transpired that the assessee on one hand has adjusted the gross block of asset but on the other hand omitted to make the addition on the loss of sale of machinery to the total income of the assessee. Thus, we find there is a contradictory stand taken by the assessee as evident from the financial statement and computation of income. This contradictory stand of the assessee gives reason to believe that such mistakes has been committed by the assessee due to oversight and inadvertently, therefore we are of the view that the assessee should not made to suffer if such bona-fide mistake is committed by the assessee. Decided in favour of assessee.
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