Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (1) TMI 1231 - ITAT MUMBAIPenalty under section 271(1)(c) - assessee has claimed depreciation/deduction in question and the same became unsustainable in law - Held that:- The case of the appellant/assessee is squarely covered by the law laid down by the Hon’ble Supreme Court in Reliance Petroproducts Pvt. Ltd [2010 (3) TMI 80 - SUPREME COURT] as held that merely because the assessee claimed deduction which was not sustainable in law, penalty under section 271(1)(c) is not attracted and if the contention of the revenue is accepted, the assessee would be liable for penalty under section 271(1)(c) in every case where the claim made by the assessee is not accepted by the AO for any reason. We, therefore decide the issue in question in favour of the appellant/assessee
|