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2017 (2) TMI 726 - AT - Income TaxPenalty u/s.271(1)(c) - addition u/s 50 - Held that:- The assessee has highlighted all blocks of assets with specific plea to have never included the factory building in question therein. Needless to say, the same has also gone unrebutted except the fact that both the lower authorities have drawn their respective conclusions only on presumptive basis. We thus conclude that the Assessing Officer as well as CIT(A) have erred in invoking Section 50C of the Act qua assessee’s factory building sold giving rise to the long term capital loss in question without proving that the same ever found part of a block of assets so as to be granted depreciation relief thereupon. It is now clear in view of our findings on merits that the impugned Section 271(1)(c) penalty has no legs to stand since the quantum disallowance/addition arising from re-computation of long term capital gains/loss by applying Section 50 of the Act itself stands deleted. - Decided in favour of assessee
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