2017 (5) TMI 1470

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..... lant has assailed the judgment and order of the Tribunal whereby the Tribunal has dismissed the appeal of the department. 2. Counsel for the appellant has framed the following substantial question of law. "Whether on the facts and circumstances of the case the ITAT was justified in cancelling the penalty of Rs. 12809428/- imposed by the Assessing Officer u/s 271(1)(c) and holding that claim of .....

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..... an be levied. The ld CIT(A) has also stated that order of the Hon'ble Rajasthan High Court in Income Tax Appeal No. DBITA No. 53/2011 dated 9.12.2010 has been placed on record wherein the Hon'ble High Court has admitted the substantial question of law in respect of disallowance of depreciation claimed by the assessee. Further, our reference was drawn to the decisions of Coordinate Benches in case .....

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..... , the AO has held that the assessee didn't take into account the relevant provisions of the Act while working out the depreciation. The ld CIT(A) has given a categorical finding that the assessee had disclosed all material facts pertaining to the claim of depreciation admissible under section 32 of the Act. It is thus a case where there is difference of opinion in terms of rate of depreciation in .....

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