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DCIT Versus Control & Switchgear Contractors Ltd.

2015 (3) TMI 1199 - ITAT DELHI

Penalty u/s 271(1)(c) - Additional Depreciation and of Exemption u/s 10B - Held that:- The matter has been restored to the file of the AO to determine the same afresh in accordance with law as per the directions of the Tribunal and the matter is still pending before the AO. In these facts, we cancel the penalty levied u/s 271(1)(c) of the Act on these two items of disallowance - Disallowance of Guarantee Commission of Directors, the Tribunal has already allowed the miscellaneous application .....

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e for the business purposes of the assessee is clearly debatable in nature. This is a case where the assessee has disclosed all the material facts necessary for assessment at the time of filing of the return itself. The conduct of the assessee in this case was bonafide. In these facts of the case, we are of the view that it is not a fit case for levy of penalty u/s 271(1)(c) of the Act on these two items of disallowances made by the AO and accordingly the penalty levied u/s 271(1)(c) of the Act .....

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the revenue is as under :- Whether the Ld. CIT(A) has erred in law and on facts in deleting the penalty u/s 271(1)(c) amounting to ₹ 1,07,50,171/-. 2. The Ld. DR referred to the relevant portion of the penalty order passed u/s 271(1)(c) of the Act wherein penalty was levied on certain disallowances on Renovation/Additional Construction Expenses, Foreign Travelling Expenses, Additional Depreciation, Guarantee Commission and the Claim of Exemption u/s 10B of the Act. She submitted that the p .....

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of the Act has been restored to the file of the AO by the Tribunal and accordingly the penalty with respect to these two items of disallowance may be deleted. With regard to the addition made on account of the disallowance of Repair and Maintenance in respect of leased building, he submitted that the same has been held as capital expenditure and the addition was made based on information and facts made available by the assessee itself. He submitted that out of disallowance of ₹ 20.78 lacs .....

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of Hon ble Delhi High Court has allowed the claim of the assessee with regard to the Guarantee Commission paid to the Directors by the assessee company and their remain no basis for levy of penalty on this issue. 4. We have considered the rival submissions and have perused the order of the AO. With regard to the disallowance of Additional Depreciation and of Exemption u/s 10B of the Act, the matter has been restored to the file of the AO to determine the same afresh in accordance with law as per .....

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