Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2017 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (9) TMI 745 - HC - Income TaxPenalty under Section 271(1)(c) - whether advance against depreciation (AAD) can be taxed under Section 28(1)? - Held that:- Assessee did not press its appeal before the ITAT. The issue was in fact decided in favour of a similarly placed party by the Supreme Court in its decision in National Hydroelectric Power Corpn. Ltd. v. Commissioner of Income Tax [2010 (1) TMI 281 - SUPREME COURT]. This was obviously a debatable issue that did not warrant penalty. Recovery of transmission charges - ITAT noticed adequate disclosure had been made by the Assessee in Note Nos. 14(D) and 17 of the audited accounts of the Assessee. Therefore, there was no failure on the part of the Assessee to make a complete disclosure. In the facts and circumstances, the impugned order of the ITAT deleting the penalty under Section 271 (1) (c) of the Act, cannot be said to be erroneous.
|