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2014 (12) TMI 639 - RAJASTHAN HIGH COURTDeletion of penalty u/s 271(1)(c) - Assessee concealed particulars of income or not - claim of depreciation on assets transferred to Government of Rajasthan for the first time during the previous year - Held that:- The Tribunal rightly deleted the penalty and allowed the relief as the assets were brought into the books of accounts and details of all assets were provided and therefore it cannot be said that the depreciation was claimed wrongly by the assessee so as to be subjected with penalty u/s 271(1)(c) - merely because title has not been transferred or properties not registered in the name of the assessee under the Indian Registration Act, depreciation cannot be disallowed - possession and user is of the assessee – in assessee’s own case as decided in Commissioner of Income Tax Jaipur-II Vs. M/s. Jawahar Kala Kendra [2014 (6) TMI 292 - RAJASTHAN HIGH COURT] the finding of the Tribunal for allowing depreciation to the assessee is upheld - the claim of depreciation was allowable and as such it cannot be said that the claim made by the assessee was wrong or inadmissible since beginning - merely because the assessee did not challenge further, is no reason to come to the conclusion that assessee is to be visited with penalty – thus, the order of the Tribunal is upheld and the assessee neither concealed income nor furnished inaccurate particulars of income, therefore penalty cannot be levied – Decided against revenue.
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