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2018 (7) TMI 750 - AT - Income TaxPenalty u/s 271(1)(c) - assessee guilty of furnishing inaccurate particulars of income with regard to claim for depreciation disallowed in the assessment - Held that:- No finding whatsoever on the part of the Revenue authorities below that any detail supplied by the assessee in his return of income is found to be incorrect and erroneous or false. It is also not in dispute that the disallowance of depreciation has been accepted by the assessee. It is also not in dispute that the assessee claimed bonafide mistake in making excess claim of depreciation. AO has failed to make out the case of ‘concealment of income or furnishing of inaccurate particulars of such income’ by the assessee, so as to attract the provisions contained u/s 271(1)(c) of the Act, hence penalty levied by the AO and confirmed by the Ld. CIT(A) is hereby ordered to be deleted - Even at the time of issuance of the notice as well as at the time of passing the penalty order, AO was not clear, “as to whether the penalty proceedings are being initiated for ‘concealment of the particulars of income or furnishing inaccurate particulars of income’, rather the assessee has been charged for having ‘concealed the particulars of income as well as furnishing inaccurate particulars of such income - Decided in favour of assessee
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