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TMI Blog2022 (10) TMI 1092X X X X Extracts X X X X X X X X Extracts X X X X ..... laimed was made to the extent of Rs. 17,86,187/-. As noted that this mistake has occurred at the office of the Chartered Accountant and there is no intention of the assessee to evade the tax. Moreover, the assessee has already accepted assessment and paid taxes. In view of the facts and circumstances narrated above and the cumulative effect of the facts, if we analyze, it clearly shows that the assessee was under bonafide belief in claiming this depreciation. Hence, we delete the penalty and allow the appeal of the assessee. - ITA No.145/Chny/2021 And ITA No.548/Chny/2021 - - - Dated:- 7-9-2022 - Shri Mahavir Singh, Vice President And Shri Manoj Kumar Aggarwal, Accountant Member For the Appellant : Shri B. Jeevarathinam, C.A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 15 is at Rs. 1,08,39,164/-. Therefore, the depreciation claimed as per revised depreciation chart and calculated the differential depreciation was at Rs. 17,86,187/- which was disallowed and added to the returned income of the assessee. This assessment was finally accepted and the assessee paid tax on the same. No appeal was preferred against the assessment. 4. Subsequently, the A.O started penalty proceedings u/s. 271(1)(c) of the Act and levied the penalty for furnishing of inaccurate particulars of income chargeable to tax to the extent of Rs. 17,86,187/-. Accordingly, the minimum penalty levied was Rs. 5,51,930/- equivalent to 100% tax showed to be evaded. The A.O levied the penalty despite explanation submitted by the assessee that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... recation value filed 15% block of assets with respect to the said assessment year and accordingly, excess depreciation claimed was made to the extent of Rs. 17,86,187/-. The Chartered Accountant vide letter filed during the course of hearing and admitted this mistake as under: Here we admit that the mistake above was done by one of my staff and the same was totally not aware of by the company as the same was not related to the book of accounts of the company as it alters only the statement of accounts and the annexure in the Income tax Depreciation statement. Indeed the companies itself are very much ignorant about all the tax rules and laws. Hence I kindly request your honor to consider the true factual grounds that the company h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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