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2014 (1) TMI 549 - ITAT MUMBAIPenalty u/s 271(1)(c) - Held that:- Wrongful claim of depreciation by the assessee in this case was not a bonafide mistake rather the assessee had claimed the same as a matter of right and even tried to justify his claim of user of property up to ITAT - When the assessee has failed to prove its claim and the same has been found to be wrongfully made by the concerned authorities, then the assessee now has come with stand of onetime bonafide mistake which cannot be accepted - Following CIT vs. Morgan Finvest (P.) Ltd [2012 (12) TMI 457 - DELHI HIGH COURT] - In a case where there was complete lack of evidence to show that property was used for the purpose assessee's business and attempts made by assessee showed contrary and the same were indicative of a frivolous claim, penalty u/s 271(1)(c) is leviable - The attempts made by the assessee are indicative of frivolous nature of claim - On perusal of IT returns, it is proved that the property was not put to use during the relevant assessment year - The order of CIT(A) is set aside and the action of AO in levying penalty was confirmed - Decided in favour of Revenue.
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