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2016 (12) TMI 1580 - ITAT MUMBAIPenalty u/s. 271(1)(c) - disallowance of part of depreciation - Held that:- From the record we found that penalty has been levied with respect to the inadvertent claim of depreciation which was withdrawn when pointed out by the AO. The issue under consideration is covered by the decision of Hon'ble Supreme Court in case of Price Waterhouse Coopers Pvt. Ltd., (2012 (9) TMI 775 - SUPREME COURT). We found that plant and machinery was purchased more than six months prior to the close of the accounting year, however, it was put to use in the far end of the year. It was found to be an inadvertent mistake, hence penalty cannot be levied. The detailed finding given by CIT(A) by relying on various judicial pronouncements are as per material on record. Accordingly, we do not find any reason to interfere in the findings recorded by the CIT(A) resulting into deletion of penalty. - Decided against revenue.
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