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2012 (7) TMI 289 - ITAT, AHMEDABADDeleting the penalty u/s. 271(1)(c) - Held that:- As the assessee had purchased new plant and machinery on which it claimed additional depreciation. This fact is not controverted by Revenue nor has it brought on record any material to prove that assessee had not purchased machinery. The assessee’s claim of additional depreciation was based on the certificate of the Auditor wherein it was certified that the installed capacity has increased by more than 10% - the addition has been confirmed by ITAT on the basis of director’s report. in these circumstances, it cannot be said that the assessee has furnished inaccurate particulars of income - no penalty cannot be levied - in favour of assessee.
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