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2012 (12) TMI 457 - HC - Income TaxPenalty u/s 271(1)(c) - wrong claim of depreciation - ITAT deleted the penalty - held that:- This is a case where questionable details and particulars relating to the claim were furnished by the assessee and such details were so fundamental to the genuineness and bona fide of the claim that the mere furnishing of those particulars made the claim vulnerable. In this background, we are wholly unable to countenance the observations of the Tribunal that the assessee had purchased the property for the purpose of its business and sold it in the following year when it found the property not suitable for its commercial activities. We are also unable to subscribe to the view of the Tribunal that the explanation submitted by the assessee “appears to be bona fide and all the facts were on record and nothing has been concealed therein”. The Tribunal failed to appreciate the claim of the assessee for what it is. It completely missed the fact that there was no evidence to show that the property was used for the purpose of the assessee’s business during the relevant previous year. Penalty confirmed - Decided against the assessee.
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