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TMI Blog2016 (2) TMI 167X X X X Extracts X X X X X X X X Extracts X X X X ..... ers and it was found to be a bogus transaction of sale and purchase of asset, the assessee withdrew the claim of depreciation. Therefore, it is not a case of making a claim after furnishing all the particulars of income. It is a case of making a claim on the basis of the so-called bogus transaction. The suppliers of the asset clarified that no transaction was entered into with the assessee. Therefore, it is a clear case of furnishing inaccurate particulars in the form of forged invoices and thereby concealed the particulars of income of the assessee. Therefore, this Tribunal is of the considered opinion that the CIT(Appeals) has rightly confirmed the penalty levied by the Assessing Officer under Section 271(1)(c) of the Act. This Tribuna ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t Integrated Steel Ltd. to the extent of ₹ 4,95,00,000/-, ₹ 36,25,000/- and ₹ 7,30,59,000/- respectively. 3. According to the Ld. counsel for the assessee, the Assessing Officer further found that during the assessment year 1995-96, a similar transaction of purchase and lease back was entered in the case of 14 parties and the Assessing Officer found that the entire transactions in the assessment year 1995-96 were bogus. For the year under consideration also, the Assessing Officer on examination, found that no sale could have been made by the third party to the assessee-bank without the sanction of Tamil Nadu Electricity Board. According to the Ld. counsel, the assessee being a bank, has not verified the machineries whic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nalty levied by the Assessing Officer under Section 271(1)(c) of the Act. 3. On the contrary, Dr. Milind Madhukar Bhusari, the Ld. Departmental Representative, submitted that the assessee claimed before the Assessing Officer that it purchased windmill and leased back the same to M/s Aban Lloyd Chiles Offshore Ltd. Similarly, the assessee has also claimed 14 transactions as sale and lease back in the assessment year 1995-96 and claimed depreciation. The Assessing Officer disallowed the claim of the assessee in the assessment year 1995-96. Some of the assets in these 14 transactions were acquired during the second half of the period relevant to assessment year 1995-96. Therefore, the assessee claimed 50% of depreciation on such transaction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch invoice to the assessee as claimed before the Assessing Officer. Since the transaction was established as bogus, the assessee itself came forward by a letter dated 30.03.1999 claiming that the claim of depreciation would not be pressed. The Ld. D.R. further submitted that when the transactions between the assessee and other parties could not be treated as sale and lease back transactions, then it has definitely to be treated as finance transactions. Therefore, the claim before the Assessing Officer for depreciation on the basis of the bogus transaction would amount to concealment / furnishing inaccurate particulars of income of the assessee. Therefore, the Ld. D.R. submitted that the CIT(Appeals) has rightly confirmed the addition. 5. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion, the suppliers of the asset confirmed that they did not issue any invoice in the name of the assessee. When the assessee was cornered on all the four corners and it was found to be a bogus transaction of sale and purchase of asset, the assessee withdrew the claim of depreciation. Therefore, it is not a case of making a claim after furnishing all the particulars of income. It is a case of making a claim on the basis of the so-called bogus transaction. The suppliers of the asset clarified that no transaction was entered into with the assessee. On identical set of facts, the Bangalore Bench of this Tribunal in Alliance Infrastructure Projects Pvt. Ltd. v. ACIT in I.T.A. Nos.220 1043(Bng.)/2013 dated 12.09.2014, it was found that the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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