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TMI Blog2024 (7) TMI 1305X X X X Extracts X X X X X X X X Extracts X X X X ..... iews by the Jurisdictional High Court and other High Courts on the issue of allowability of claim of the depreciation on non compete fees which is highly contentious and the lis is pending before the Hon'ble Supreme Court. Therefore, in our considered opinion, the provisions of Section 271(1)(c) cannot be attracted against the Assessee. - Assessee appeal allowed. - Sh. Pradip Kumar Kedia, Accountant Member And Shri Yogesh Kumar U.S., Judicial Member For the Assessee : Sh. Salil Kapoor, Adv Sh. Tarun Chanana, Adv For the Department : Sh. Anshul, Sr. DR ORDER PER YOGESH KUMAR U.S., JM This appeal is filed by the assessee for Assessment Year 2014- 15 against the order of the Ld. Commissioner of Income Tax (Appeals)-24, New Delhi dated 18 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iated for furnishing of inaccurate particulars or for concealment of income and therefore, the initiation/levy of penalty is illegal and liable to be quashed. 5. That in view of the facts and circumstances of the case and in law. the AO/CIT(A) has grossly erred in not taking into account the judicial precedents cited before it. The satisfaction recorded/charge levied while completing the assessment, and while levying the penalty are different and hence the order passed under section 271(1)(c) of the Act are illegal, bad in law and without jurisdiction. 6. That the levy of penalty is illegal, unjust and not in accordance with law as the mandatory requirements of Section 271(1)(c) have not been met in the instant case. 7. That in view of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e case are that, the assessment order came to be passed on 17/05/2016 against the assessee by making disallowance on account of depreciation claimed on non compete fee of Rs. 21,89,970/- and disallowance u/s 14A of the Act of Rs. 7,37,674/-. In the quantum Appeal, the Ld. CIT(A) deleted the disallowance made u/s 14A of the Act and sustained the disallowance of Rs. 21,89,974/- claimed as depreciation on non compete fee. The penalty proceedings have been initiated against the assessee and an order of penalty came to be passed u/s 271(1)(c) of the Act by order dated 31/03/2019. 4. Aggrieved by the penalty order dated 31/03/2019, the assessee preferred an appeal before the Ld.CIT (A). The Ld.CIT (A) vide order dated 18/09/2020 dismissed the app ..... X X X X Extracts X X X X X X X X Extracts X X X X
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