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2013 (3) TMI 555 - AT - Income TaxPenalty U/s 271(1)(c) on the disallowance of depreciation on plant and machinery - sustenance of penalty on the addition of lease equalization amount - Held that:- Merely because the assessee had claimed the expenditure, which claim was not accepted or was not acceptable to the Revenue, that by itself would not, in our opinion, attract the penalty under section 271(1)(c) The assessee has claimed the amount of lease equalization charges on the basis of guidance note issued by ICAI and has disclosed all material facts in its Profit and Loss Account and balance sheet filed along with the return of income. We further find that on the similar issue Hon’ble Apex Court in CIT V/s Reliance Petroproducts Pvt. Ltd.(2010 (3) TMI 80 - SUPREME COURT)d eleted the similar penalty - Decided in favor of assessee.
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