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M/s. Super Precast Private Limited Versus The Income Tax Officer Ward 7 (2) (4) Mumbai.

2014 (2) TMI 1270 - ITAT MUMBAI

Penalty u/s 271(1)(c) - incorrect claim of depreciation - Held that:- The assessee furnished all the details relating to the assets i.e. the truck and claimed the depreciation. - However, merely on the basis that an incorrect claim of depreciation was made by the assessee, it cannot be said that it was a case of furnishing of inaccurate particulars or concealment of income. Thus we are of the view that it is not a fit case for levying the penalty under section 271(1)(c) of the Act. - Decided .....

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Income-tax Act, 1961 (hereinafter referred to as the Act ). 3. Facts of the case in brief are that the assessee claimed depreciation of ₹ 1,08,276 on the truck purchased on 29.03.2006 for a sum of ₹ 7,21,838 and claimed the aforesaid depreciation on the said truck. The A.O. did not allow the claim of the assessee for depreciation and made addition of ₹ 1,08,276. The A.O. also initiated penalty proceedings u/s 271(1)(c) of the Act and levied the penalty of ₹ 36,445. The sa .....

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8 ITR 306 (SC)] and CIT v. Reliance Petroproducts Pvt. Ltd. [(2012) 322 ITR 158 (SC)]. 5. In his rival submissions, Ld. D.R. strongly supported the orders of the authorities below and further submitted that the assessee by claiming wrong depreciation not only concealed the income, but also furnished inaccurate particulars of income, therefore, penalty under section 271(1)(c) of the Act was rightly levied by the AO and conformed by the Ld. CIT(A). 6. We have considered the submissions of both the .....

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to the AO. 7. On the similar issue, the Hon ble Supreme Court in the case of CIT v. Reliance Petroproducts Pvt. Ltd. (supra) has held as under:- Where there is no finding that any details supplied by the assessee in its return are found to be incorrect or erroneous or false there is no question of inviting the penalty under section 271(1)(c). A mere making of a claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding the income of the asse .....

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