2010 (8) TMI 448

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... s - The assessee chose to make the claim for the present assessment year also - On that basis, it cannot be held that the claim itself was bogus - Tribunal held that the claim of depreciation was not a bogus claim - Therefore, mere disallowance would not attract levy of penalty under Section 271(1)(c) - The appeal fails and the same is dismissed.
Mr. JUSTICE F.M.IBRAHIM KALIFULLA, Mr. JUSTICE M .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ion for consideration was whether penalty could be levied on such a claim which was made by the assessee on the footing that the claim should be construed as one of bogus. It is in that context the Tribunal held that the claim of depreciation was not a bogus claim. Therefore, mere disallowance would not attract levy of penalty under Section 271(1)(c) of the Income Tax Act. We are in full agreement .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X