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2018 (12) TMI 1585 - AT - Income TaxPenalty u/s 271(1)(c) - depreciation claimed for land and building - Held that:- It is pertinent to note that in earlier Assessment Years similar claim of the depreciation has been allowed by the Revenue Authorities. The issue is debatable issue and some of the decisions decided in favour of the assessee on the issue of depreciation. Thus, there was no concealment of income or inaccurate furnishing of particulars on part of the assessee. The case law relied upon by the Ld. DR is not applicable in the present case as in that case the assessee did not disclose the details of the creditors nor their list but merely claimed in the return. In the present assessee’s case the assessee claimed the depreciation after filing the details and there was no concealment or inaccurate furnishing of documents as the issue is allowed in respect of depreciation claimed for land and building. Therefore, Section 271(1)(c) will not be attracted in the present case. The order of the CIT(A) is set aside and appeal of the assessee is allowed.
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