Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (2) TMI 1205 - AT - Income TaxPenalty u/s 271(1)(c) - depreciation claim - Held that:- Assessee had filed complete particulars with respect to assets on which depreciation was claimed. The assessee has also filed chart of fixed assets placed at page No. 3 of the paper book showing claim of the said depreciation. From the above documents itself, the Assessing Officer has observed that the assessee has claimed depreciation to the extent of ₹ 2,57,677/- and therefore, it cannot be said that the assessee had concealed income or had furnished wrong particulars of income. Even if it is presumed that assessee was not eligible for allowance of depreciation even then the penalty u/s 271(1)(c) cannot be imposed as held by Hon'ble Supreme Court in the case of CIT vs. Reliance Petroproducts (P.) Ltd. (2010 (3) TMI 80 - SUPREME COURT) wherein held that every wrong claim made by the assessee cannot tantamount to furnishing of wrong particulars of income or concealment of income - Decided in favour of assessee.
|