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2015 (10) TMI 2834 - AT - Income TaxPenalty imposed u/s 271(1)(c) - depreciation at a higher rate on software development - HELD THAT:- In the case under consideration, the ld. CIT(A) gave a categorical finding that the assessee has made proper and full disclosure of its income and the higher percentage claimed in depreciation was only a bonafide error which was corrected by assessee. Therefore, the ratio laid down by the Hon’ble Supreme Court fully RELIANCE PETROPRODUCTS PVT. LTD. [2010 (3) TMI 80 - SUPREME COURT] supports and is applicable to the case of assessee. Accordingly, we do not find any infirmity in the order of CIT(A) in cancelling the penalty levied by AO u/s 271(1)(c) of the Act and the same is hereby upheld dismissing the grounds raised by the revenue.
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