TMI Blog2009 (11) TMI 937X X X X Extracts X X X X X X X X Extracts X X X X ..... under Section-260 of the Income Tax Act, 1961 for the assessment year 2003-04 proposing to formulate following substantial questions of law for consideration and determination of this Court; (A) Whether on the facts and in the circumstances of the case, the Appellate Tribunal is justified in law in deleting the penalty u/s.27(1)(c) of the Act holding that it is impossible for a person of commo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... )(c) of the Act as held by the Hon'ble Karnataka High Court in the case of CIT Vs. Sree Valliappa Textile 294 ITR 322 (Kar.) ? 2. Heard Mrs. Mauna Bhatt, learned Standing Counsel appearing for the revenue. She has submitted that the assessee has filed return of income on 5.11.2003 declaring total income of ₹ 85,66,560/-. The assessment was completed under Section 143(3) of the Act on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... penalty. 4. Mrs.Bhatt has submitted that the tribunal has committed an error in as much as the assessee has made an incorrect claim of depreciation and it is not a bonafide mistake. The assessee being a limited Company is managed by the qualified professionals and advised by the experts on different legal and technical matters. She has further submitted that the assessee cannot take shelter to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the last 12 assessment years. The assessee's books of accounts were duly audited and tax report was filed alongwith return of income. The Chartered Accountant has certified the claim of depreciation in accordance with the provisions contained in the Income-tax Act. The Tribunal was, therefore, of the view that the assessee was bound to rely on Technical Expert especially when the provisions c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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