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2016 (7) TMI 736 - AT - Income TaxRectification of mistake - Penalty u/s 271(1)(c) - claim of depreciation on Temporary Wooden structures like interiors, glow signs etc; taken over from Erstwhile GTB upon amalgamation pursuant to GOI notification @ 100% - Held that:- In assessee’s own case, it is observed that the order passed u/s 154 of the Act date 30.11.2007 has been quashed by this Tribunal. This Tribunal has observed that the issue relating to depreciation is a debatable issue as it requires examination of details and cannot be rectified u/s 154 of the Act. As the order under which disallowance of depreciation was made, stands cancelled by this Tribunal, the penalty proceedings initiated in respect of the same cannot be sustained. We accordingly quash the penalty order passed by the Assessing Officer. - Decided in favour of assessee.
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