2013 (4) TMI 640

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..... r the bonafide belief that there cannot be said to have concealed particulars of income and the case cannot fall under the provisions of section 271(1)(c) of the Act. In the facts and circumstances, the ld. CIT(A) is not justified in confirming the action of the A.O. of levying penalty under section 271(1)(c) of the Act. The A.O. is directed to cancel the penalty so levied. - I.T.A. No.81(Asr)/2 .....

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..... ove the ld. CIT(A) ignored that the accounts were duly audited by the Chartered Accountants and the assessee had claimed the depreciation under the genuine and bonafide belief that the entire payment or the purchase of car and the bill was also received and entered in the books before the end of the previous year. 3. That the appellant begs to add or amend any ground of appeal before the appeal .....

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..... on from M/s. Naveen Toyota, Agra, who informed that the delivery of the vehicle was given to the Authorised Representative of the assessee. A copy of the acknowledgment note was also submitted showing delivery of the vehicle taken by the representative on 05.04.2005. The AO was, therefore, satisfied that the assessee could not have used the car during the relevant previous year as the delivery was .....

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..... aded. 3. The Ld. CIT(A) confirmed the action of the Assessing Officer. 4. We have heard the rival contentions and perused the facts of the case. There is no dispute to the fact that the accounts of the assessee-firm are duly audited by the Chartered Accountants. As per audited accounts, the assessee- firm had purchased Innova Toyota Car for Rs.8,16,750/- vide invoice dated 30th March, 2005, wh .....

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..... cannot fall under the provisions of section 271(1)(c) of the Act. 5. In the facts and circumstances, the ld. CIT(A) is not justified in confirming the action of the A.O. of levying penalty under section 271(1)(c) of the Act. The A.O. is directed to cancel the penalty so levied. Thus, all the grounds of appeal of the assessee are allowed. 6. In the result, the appeal of the assessee in ITA No. .....

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