2022 (10) TMI 1137

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... - HELD THAT:- We find that the assessee has relied upon the decision of the Hon ble Supreme Court in the case of CIT vs Reliance Petro Products (P.) Ltd. . [ 2010 (3) TMI 19 - SUPREME COURT] - The same is applicable fully on the facts of this case where, it was held that denial of claim of the assessee cannot ipso facto lead to the levy of penalty. Allowance and computation of correct depreciatio .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... . Grounds of appeal reads as under:- 1. The learned Assessing Officer has erred in imposing a penalty under section 271(c) amounting to Rs.2,04,545/-. 3. Brief facts of the case are that penalty in this case was levied for claim of depreciation which was disallowed as the assessee has claimed the depreciation on value of land and building combined but subsequently the depreciation on land .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... n the assessee. Hence, in our considered opinion, on the touch stone decision of the Hon ble Supreme Court in the case of Reliance Petro Products (P.) Ltd. penalty u/s 271(1)(c) in this case is not leviable. Therefore, we set-aside the order of the authorities below and delete the penalty. 5. In the result, the appeal of the assessee stands allowed. Order pronounced in the open court on 11th .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X