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2014 (2) TMI 594 - ITAT MUMBAIDeletion of Penalty u/s 271(1)(c) of the Act – Various additions made - Held that:- The CIT(A) has given categorical findings before deleting the penalties in respect of the additions made by the AO in the assessment – there was no infirmity in the order of the CIT(A) in deleting the penalties levied by the AO u/s 271(1)(c) against the additions - In so far as depreciation claim is concerned, it is a legal claim made by the assessee and even the same claim was made in the earlier years - the assessee neither concealed its income nor furnished inaccurate particulars of income and the claim is a continuous one, he deleted the penalty levied on the depreciation claim by the AO - With regard to the Proportionate swap cost on the outstanding swap contracts is concerned, the addition made only on the difference of opinion between the department and the assessee - If the AO is correct the assessee is entitled for deduction and the balance amount in the next accounting year – it is clear from the order of CIT(A) that the assessee neither concealed its income nor furnished any inaccurate particulars of income – Decided against Revenue.
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