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2012 (12) TMI 87 - AT - Income TaxPenalty under section 271(1)(c) of the Income Tax Act - alleged that under Rule 5(2) of the IT Rules furnishing of a certificate from the competent authority in respect of pant & machinery, (in this case moulds) to qualify for depreciation @ 40% was necessary and since the assessee was unable to furnish & comply with the said requirement ,the depreciation on such assets is restricted to 25% only – Held that:- Assessee cannot be charged with having concealed particulars of income - requirement of Rule 5(2) have been duly complied with, as the assessee was using technology developed in an institution recognized in this behalf by the Secretary, Department of Scientific and Industrial Research, Government of India - technology used by the assessee is the same as was used by him in the past for manufacture of sleepers - though the addition is justified in the quantum proceedings, imposition of penalty on such addition is not warranted – In favor of assessee
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