TMI Blog2010 (8) TMI 448X X X X Extracts X X X X X X X X Extracts X X X X ..... it cannot be held that the claim itself was bogus - Tribunal held that the claim of depreciation was not a bogus claim - Therefore, mere disallowance would not attract levy of penalty under Section 271(1)(c) - The appeal fails and the same is dismissed. - 764 of 2010 - - - Dated:- 16-8-2010 - Mr. JUSTICE F.M.IBRAHIM KALIFULLA, Mr. JUSTICE M.M.SUNDRESH, JJ. For appellant : Mr.K.Subramania ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty could be levied on such a claim which was made by the assessee on the footing that the claim should be construed as one of bogus. It is in that context the Tribunal held that the claim of depreciation was not a bogus claim. Therefore, mere disallowance would not attract levy of penalty under Section 271(1)(c) of the Income Tax Act. We are in full agreement with the conclusion of the Tribunal. W ..... X X X X Extracts X X X X X X X X Extracts X X X X
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