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2015 (9) TMI 651 - ITAT KOLKATALevy of penalty u/s 271(1)(c) - disallowance of claim of depreciation on land - assessee submitted that he had computed and claimed the depreciation on land due to misconception and confessed the mistake at the time of hearing by submitting a fresh depreciation chart - CIT(A) deleted penalty levy - Held that:- Order of the Ld. CIT(A) finds support from the order of the Tribunal passed in the case of the assessee itself in the immediately preceding assessment year 2005-06 on identical set of facts. No specific error could be pointed out by the Ld. D.R. in the above-quoted order of the CIT(A). The Ld. DR could not bring any materials on record to show that the order of the Tribunal in assessee’s own case, relied on by him, for deleting the levy of penalty was varied in appeal by any higher forum. We find that the order of the Ld. CIT(A) is supported by the decision of the Hon’ble Supreme Court in the case of CIT-vs- Reliance Petro Products Pvt. Ltd.(2010 (3) TMI 80 - SUPREME COURT) wherein held a mere making of an claim not sustainable in law, would not invite penalty. - Decided in favour of assessee.
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