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2015 (3) TMI 1279 - AT - Income TaxLevy penalty under section 271(1)(c) - eligible for additional depreciation denied - Held that:- After careful consideration of the provisions of section 32(1)(iia)the assessee is eligible for additional depreciation for the plant and machinery installed in the year under consideration. The case of the assessee is that the assessee was not able to install the plant and machinery as per statute and when it is not able to claim the entire additional depreciation, the left over portion can be claimed in subsequent year being the provisions of section 32 is a beneficial provision. Considering the provisions of section 32(1)(iia) we are of the opinion that the assessee has made a bonafide claim by disclosing all material details before the Assessing Officer and therefore, the claim of the assessee is neither concealment of income or furnishing of inaccurate particulars. Therefore, it is not a fit case to levy penalty under section 271(1)(c) of the Act. - Decided against revenue.
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