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2017 (8) TMI 330 - AT - Income TaxPenalty u/s 271(1)(c) - claim of depreciation @100% instead of 15% - Temporary Wooden structures like interiors, glow signs etc. being Furniture & Fixture - Claim of depreciation after the compnay taken over from Erstwhile GTB upon amalgamation - Held that:- CIT(A) has rightly found that in the instant case, it stood established that assessee had furnished inaccurate particulars of income, the explanation of the assessee was not found a bonafide explanation and hence, the claim of assessee that he made full and complete disclosure of facts necessary for assessment, was found false. CIT(A) after considering all the aspects of the case has rightly concluded that it was not a case where two opinions about the allowability of depreciation were possible. Therefore, we find no material on record to interfere with the order of the ld. CIT(A) and the same deserves to be upheld. As a result, the appeal of the assessee has to fail. - Appeal of the assessee is dismissed.
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