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2012 (11) TMI 502 - AT - Income TaxPenalty u/s 271 (1) (c) - disallowance of amortization claim written off in relation to membership fee paid to stock exchanges - Held that:- As decided in Ananthraman Veerasinghaiah & Co. v. CIT [1980 (4) TMI 2 - SUPREME COURT] the findings in the assessment proceedings cannot be regarded as conclusive for the purposes of the penalty proceedings. It is also well settled that the criterion and yardsticks for the purpose of imposing penalty u/s 271(1)(c) of the Act are different than those applied for making or confirming the additions. Entitlement to depreciation on the membership fee of stock exchange u/s 32 is allowed to assessee as upheld by the Hon'ble Apex Court in M/s Techno Shares & Stocks Ltd. Versus The Commissioner of Income Tax IV [2010 (9) TMI 6 - SUPREME COURT OF INDIA ] as the AO has not been able to establish that the claim of the assessee for deduction of depreciation u/s 32 was not bona fide or that any specific particulars were concealed or furnished inaccurate. Thus a mere disallowance of a claim of deduction does not necessarily imply concealment or furnishing of inaccurate particulars because the issue regarding allowability of deduction of depreciation on membership fee of stock exchange u/s 32 was debatable issue. A mere rejection of the claim of the assessee by relying on different interpretations does not amount to concealment of the particulars of income or furnishing inaccurate particulars thereof by the assessee as confirmed in CIT v. Reliance Petro Products Pvt. Ltd. [2010 (3) TMI 80 - SUPREME COURT]. It can at best be a "wrong claim" not "a false claim" - in favour of assessee.
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