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2013 (4) TMI 640 - AT - Income TaxDepreciation claim u/s 32 - Depreciation claim by the assessee, disallowed and penalty proceedings u/s 271(1)(c) were initiated by the AO. – Held that - During the assessment proceedings, the assessee had voluntarily come forward and pointed out the mistake to rectify the same. The assessee was under the bonafide belief that there cannot be said to have concealed particulars of income and the case cannot fall under the provisions of section 271(1)(c) of the Act. In the facts and circumstances, the ld. CIT(A) is not justified in confirming the action of the A.O. of levying penalty under section 271(1)(c) of the Act. The A.O. is directed to cancel the penalty so levied.
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