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2010 (9) TMI 586 - AT - Income TaxPenalty – Disallowance of depreciation in respect of lased assets – Revenue contended that the depreciation so claimed is not admissible inasmuch as the transaction between the assessee and its customer is a financing transaction, and not a genuine leasing transaction - The onus is entirely on the assessee to demonstrate the bonafides of its claim of depreciation - The admission or rejection of a claim is a subjective exercise and whether a claim is accepted or rejected has nothing to do with furnishing of inaccurate particulars of income - Supreme Court’s judgment in the case of CIT Vs Reliance Petroproducts Pvt Ltd (2010 -TMI - 7570) - In the light of the settled legal position, it was indeed not a fit case for confirmation of impugned penalty – Appeals are allowed
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