Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (12) TMI 599 - AT - Income TaxPenalty u/s 271(1)(c) due to disallowance of depreciation on account of capitalized value of steel purchased - Held that:- there cannot be a straight jacket formula to apply that the assessee has furnished any inaccurate particulars of income but it depends on the facts of each case. - there were purchases and recorded in the books of accounts of the assessee and correctness of the books of accounts of the assessee have not been rejected by department on the ground that the assessee has made bogus purchases. - levy of penalty u/s 271(1)(c) of the Act on the claim of depreciation made by assessee in the assessment years under consideration is not justified. - Decided in favor of assessee.
|