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2014 (6) TMI 629 - AT - Income TaxPenalty u/s 271(1)(c) of the Act – Claim of depreciation on plant and machinery – Held that:- Penalty u/s. 271(1)(c) of the Act is leviable if the AO is satisfied in the course of any proceedings under this Act that any person has concealed the particulars of his income or furnished inaccurate particulars of such income - assessment proceedings and penalty proceedings are separate and distinct – Relying upon Ananthraman & Co. Vs. CIT [1980 (4) TMI 2 - SUPREME Court] - the criterion and yardsticks for the purpose of imposing penalty u/s 271(1)(c) are different than those applied for making or confirming the additions - When the assessee has made a particular claim in the return of income and has also furnished all the material facts relevant, the disallowance of such claim automatically lead to the conclusion that there was concealment of particulars of his income by the assesse or furnishing of accurate particulars of such income. All the material facts relevant to the claim had been furnished by the assessee, thus, it is not a fit case to attract the levy of penalty u/s 271(1)(c) of the Act - A mere rejection of the claim of the assessee by relying on different interpretations does not amount to concealment of the particulars of income or furnishing inaccurate particulars of income, by the assessee - no cogent material or evidence was brought to our notice which may prove that the Revenue detected the concealment – thus, the order of the CIT(A) is set aside – Decided in favour of Assessee.
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