Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (3) TMI 411 - AT - Income TaxPenalty u/s 271(1)(c) - Excess claim of deprecation under TUF Scheme and capital subsidy - Held that:- Penalty imposed by the AO cannot be held as sustainable and the first appellate authority rightly deleted the same. Our conclusion also gets support from the landmark judgment of the Hon'ble Supreme Court in the case of CIT Vs. Reliance Petro Products Pvt. Ltd [2010 (3) TMI 80 - SUPREME COURT] and judgment of CIT Vs. Brahmaputra Consortium Ltd. [2011 (8) TMI 8 - DELHI HIGH COURT ] wherein it was held that merely because claim of the assessee was not accepted or not found to be acceptable by the Revenue does not amount o concealment of particulars of income or furnishing of inaccurate particulars of income. - Decided in favour of assessee
|