Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2017 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (5) TMI 1470 - HC - Income TaxPenalty u/s 271(1)(c) - claim of excess rate of depreciation on plant, machinery and building - deliberate intention of the assessee to furnish inaccurate particulars of income - Held that:- Held that:- ITAT in cancelling the penalty has gone through the decision in case of Commissioner of Income Tax. v. Dharamshi B. Shah [2014 (7) TMI 98 - GUJARAT HIGH COURT] wherein it was held that penalty under section 271(1)(c) could not be deleted on sole ground that assessee’s appeal in respect of addition on basis of which penalty was levied had been admitted by High Court. In the instant case, the AO has held that the assessee didn’t take into account the relevant provisions of the Act while working out the depreciation. The ld CIT(A) has given a categorical finding that the assessee had disclosed all material facts pertaining to the claim of depreciation admissible under section 32 of the Act. It is thus a case where there is difference of opinion in terms of rate of depreciation in respect of the specified assets. Thus, the subject decision of Hon’ble Gujarat High Court is distinguishable on facts as even on merits, it cannot be held that penalty is leviable in the instant case.” We are in complete agreement with the view taken by the Tribunal - Decided against revenue
|