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2013 (12) TMI 1099 - AT - Income TaxPenalty u/s 271(1)(c) – Deprecíation on Portal & e-Commerce Site - Held that:- Following CIT Vs. Reliance Petro Product P. Ltd. [2010 (3) TMI 80 - SUPREME COURT] - Expenses incurred on developing Portal & e-Commerce Site is neither fixed asset nor an intangible asset as per section 2(11)(b) - AO disallowed depreciation - It is only disallowance of expenditure only on the basis that this is not an asset. The expenses are genuine, which are not denied by the AO. It is not doubted that the assessee has not developed Portal & e-Commerce Site and nothing is false - There is no finding that any details supplied by the assessee in its return are found to be incorrect or erroneous or false there is no question of inviting the penalty under section 271(1)(c) – Decided against Revenue.
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