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TMI Blog2024 (11) TMI 167X X X X Extracts X X X X X X X X Extracts X X X X ..... iation only @25% as against @60% claimed by the assessee - HELD THAT:- The facts narrated herein above, in our considered opinion, clearly prove that there is neither underreporting nor misreporting by the assessee. The disallowance of depreciation by adopting different rate had arose only due to difference in interpretation by the ld AO by not agreeing to the contention of the assessee. Ultimatel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs (P) Ltd [ 2012 (9) TMI 775 - SUPREME COURT] there is absolutely no justification at all for levy of penalty u/s 270A - Appeal of assessee allowed. - Shri M. Balaganesh, Accountant Member And Shri Sudhir Kumar, Judicial Member For the Assessee : Shri C. V. Jain, CA For the Revenue : Shri V. K. Dubey, Sr. DR ORDER PER M. BALAGANESH, A. M.: 1. The appeal in ITA No.1254/Del/2024 for AY 2017-18, a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2017 declaring loss of Rs. 25,50,97,407/-. The assessment was completed u/s 143(3) of the Act on 19.12.2019 determining the total loss of Rs. 23,96,60,234/- after making disallowance of depreciation of Rs. 1,54,37,173/- in respect of computer software. The assessee claimed depreciation on internally generated software and claimed depreciation @60% thereon in the return of income. The ld AO in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erreporting and levied penalty @200% of tax payable on the disallowance of depreciation. 4. The facts narrated herein above, in our considered opinion, clearly prove that there is neither underreporting nor misreporting by the assessee. The disallowance of depreciation by adopting different rate had arose only due to difference in interpretation by the ld AO by not agreeing to the contention of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Products Ltd reported in 322 ITR 158 (SC) and Price Waterhouse Coopers (P) Ltd vs CIT reported in 348 ITR 306 (SC), there is absolutely no justification at all for levy of penalty u/s 270A of the Act in the facts and circumstances of the instant case. Accordingly, we direct the ld AO to delete the penalty and allow the grounds of appeal of the assessee. 3. In the result, the appeal of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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