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2009 (8) TMI 799 - AT - Income TaxMandatory Penalty - Disallowance u/s 35D - Concealment of income - 100% depreciation on leased assets - genuineness of the transaction - Held that: - It is evident as to how assessee is changing its stand from time to time. The assessee could take a correct stand and it was headache of the AO to verify it before the assessment got out of time. Assessee need not have bothered for time barring assessment. The plea that non-claim of depreciation will have no tax effect has to be rejected outright. In other documents, assessee had clearly admitted that disallowance created demand of ₹ 1,02,36,480. - Besides that, as already noted, it is not for the first time that assessee is making such a false claim. It had done so in the earlier years, as noted above in detail. - Penalty to be levied u/s 271(1)(c)
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