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2020 (11) TMI 454 - AT - Income TaxLevy of penalty u/s 271(1)(c) - assessee claimed the depreciation @ 60% on control room equipment and digital set top box and the said claimed was declined by AO and restricted the claim to the extent of 15% - “concealment of particulars of income nor furnishing inaccurate particulars of income - HELD THAT:- It is quite clear that the declining of the claim of depreciation of the assessee nowhere come within the ambit to levy the penalty u/s 271(1)(c) of the Act. Moreover, we find that in the case of the Fastway Transmission P. Ltd. [2020 (5) TMI 190 - ITAT CHANDIGARH] the depreciation claim upon the set top box (STB) has been held justifiable @ 60%. Anyhow, the penalty is not justifiable, therefore, by relying upon the above mentioned law, we set aside the finding of the CIT(A) on this issue and delete the penalty. - Decided in favour of assessee.
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