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2010 (6) TMI 566 - AT - Income TaxPenalty - Disallowance - Scrutiny - Bank guarantee commission - Depreciation - it was submitted that the bank guarantee commission was eligible for deduction under the mercantile system of accounting as and when paid to the bank - the assessee company did not prefer any appeal before the ITAT because in ultimate result, deduction was granted to the assessee company albeit in the different assessment years - The AO in his order has not brought out as to how the assessee furnished inaccurate particulars of income in respect of amount claimed towards bank guarantee commission when undisputedly, a similar claim of the assessee had been allowed in the preceding years - when no material has been brought to our notice by the Revenue, controverting the findings of the Ld. CIT(A) while cancelling the penalty in relation to amount disallowed on account of bank guarantee commission nor any contrary decision has been brought to our notice in this connection - Decided in the favour of the assessee Regarding depreciation - the burden which lies on the assessee has not been discharged by convincing explanation and evidence nor it is law that any explanation offered by the assessee must be accepted - Decided against the assessee
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