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2014 (3) TMI 1207 - HC - Income TaxPenalty u/s 271(1)(c) - assessee made a wrong claim of depreciation knowing fully well that the assets are not owned by him and not transferred by M/s. IVRCL - HELD THAT:- It is not a case of concealment of income and also it cannot be said that the assessee has furnished inaccurate particulars of the income. In view of the above fact finding, it is difficult for us to take a decision in the absence of allegation of perversity. Moreover, we noticed that the Tribunal has recorded the fact that the assessee claimed depreciation on plant and machinery taken on lease from M/s. IVRCL on 30.03.2001. It is in consonance with the agreement. Tribunal has not agreed with the contention of the assessee’s counsel in its appeal in quantum addition. Therefore, if the assessee claims any deduction for any reason under law and such deduction is not allowed, this cannot be said to be concealment of income or furnishing inaccurate particulars of income. Assessee thought that this income should not be added to for taxation purpose. Therefore, entire income was disclosed without giving any wrong or inaccurate particulars and the benefit allowable under law claimed was not allowed. Learned Tribunal, in our view, has correctly appreciated the fact and applied the law in deleting penalty imposed by the Revenue. Hence, we do not find any reason to interfere with the same.
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