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TMI Blog2016 (10) TMI 5X X X X Extracts X X X X X X X X Extracts X X X X ..... arising from the penalty order dated 30th March 2012 passed by the learned Assessing Officer (hereinafter called "the AO") u/s 271(1)(c) of the Income Tax Act,1961 (Hereinafter called "the Act"). 2. The grounds of appeal raised by the assessee in the memo of appeal filed with the Income Tax Appellate Tribunal, Mumbai (hereinafter called "the Tribunal") reads as under:- "1. On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in upholding the penalty under Section 271(1)(c) of the Income-tax Act,1961 relating to the disallowance of depreciation in respect of assets given under finance lease by treating the lease transaction as finance transaction. 2. Without prejudice to ground no. 1 above, on the fact ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... owed with respect to depreciation on the assets given on lease in earlier years following the Revenue stand with respect to such assets in the quantum assessment proceedings. Similarly , claim of depreciation for leased asset of Rs. 9,66,01,546/- with respect to assets given on lease during the year also stood disallowed in quantum assessment proceedings vide assessment order dated 20.01.2005 passed by the AO u/s 143(3) of the Act. The learned CIT(A) confirmed the quantum disallowance vide appellate orders dated 07-04-2010 whereby appeal of the assessee was dismissed in quantum proceedings.The penalty proceedings were initiated u/s 271(1)(c) of the Act against the assessee for furnishing inaccurate particulars of the income. The AO issued n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed the issue in assessee's favour in quantum whereby the Tribunal has held that the assessee is entitled to claim depreciation in respect of the assets given under "sale and lease back basis" and hence since quantum is decided by the Tribunal in favour of the assessee, the penalty order will not survive. It was submitted that Tribunal has in ITA No. 6991-6994/Mum/2011 vide common orders dated 05.05.2015 in assessee's own case has allowed the claim of the assessee for depreciation on assets given on 'sale and lease back basis' for the assessment year 2000-01 to 2003-04. It was also submitted that the Tribunal in MA.No.420 to 422/Mum/2013 vide common order dated 30.04.2014 and MA.No. 423 & 424 /Mum/2013 vide common orders dated 11.07.2014 in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee's claim of depreciation in respect of assets given under 'sale and lease back basis' for the assessment years 1995-96 to 1999-00 in MA No. 420 to 422/Mum/2013 vide orders dated 30.04.2014 and also in M.A. No. 423 & 424/Mum/2013 vide common orders dated 11.07.2014 following the judgment of Hon'ble Supreme Court in the case of ICDS Limited v. CIT 350 ITR 527(SC) and the AO was directed to withdraw the corresponding benefit given to the assessee by excluding the value of capital component of the lease rent from the income of the assessee. The Tribunal has also allowed the afore-stated relief for assessment year 2000-01 to 2003-04 vide common orders dated 05-05-2015 in assessee's own case in ITA No. 6991-6994/Mum/2011 . The Tribunal has a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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