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2012 (11) TMI 318 - AT - Income TaxPenalty u/s 271(1)(c) - disallowance of depreciation - Held that:- The genuineness of the purchase of the machinery has been established by the assessee as sale consideration of the machinery was paid through cheques as evident from the bank statements. In the subsequent years the chart of the depreciation submitted by assessee was stated to be allowed by the Revenue Department - it was not a false claim but an inadvertence claim of depreciation for the year under consideration - as decided in Price Waterhouse Coopers Pvt.Ltd. v/s CIT Kolkata - I [2012 (9) TMI 775 - SUPREME COURT] absence of due care does not lead to assessee is guilty of furnishing inaccurate particulars or concealment of income - in favour of assessee. Addition u/s.68 - Held that:- If the impugned amount was received in advance and later on it was returned, then the said party ought to be known to the assessee and thus the assessee was under obligation to furnish the identity, creditworthiness and the genuineness of the transaction which was not fulfilled by assessee so it is difficult to hold that the transactions was genuine. Primary onus as prescribed u/s.68 has not been discharged by the assessee, thus it is not the case that merely on presumption an addition has been made and penalty proceedings were invoked - against assessee.
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