Case Law Details
We find from the copy of balance sheet and profit & loss account placed at pages 1 to 3 of the paper book that assessee had filed complete particulars with respect to assets on which depreciation was The assessee has also filed chart of fixed assets placed at page No. 3 of the paper book showing claim of the said depreciation. From the above documents itself, the Assessing Officer has observed that the assessee has claimed depreciation to the extent of Rs.2,57,677/- and therefore, it cannot be said that the assessee had concealed income or had furnished wrong particulars of income. Even if it is presumed that assessee was not eligible for allowance of depreciation even then the penalty u/s 271(1)(c) cannot be imposed as held by Hon’ble Supreme Court in the case of CIT vs. Reliance Petroproducts (P.) Ltd. (supra) wherein Hon’ble Supreme Court has held that every wrong claim made by the assessee cannot tantamount to furnishing of wrong particulars of income or concealment of income.
FULL TEXT OF THE ITAT ORDER IS AS FOLLOWS:-
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