Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2012 (3) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (3) TMI 335 - HC - Income TaxPenalty u/s 271(1)(c) - Depreciation - Whether the assessee has been able to discharge onus under Explanation 1 to Section 271(1)(c) of the Act - the ownership of the property was not transferred to the partnership firm - Only right to use was given to the partnership firm - The said provision stipulates that the share of profit received by a partner, from the partnership firm which is separately assessed is exempt, subject to certain conditions - Assessees do take legal opinion and in the present case the return of income was duly audited. Claim for depreciation is a technical claim based on interpretation of legal provision - Delhi High Court in the case of Commissioner of Income-Tax Vs. Zoom Communication P. Ltd. [2010 (5) TMI 34 - DELHI HIGH COURT] - Decided in favor of the assessee
|