Case Law Details
PCIT Vs Axis Bank Ltd (Gujarat High Court)
Gujarat High Court held that penalty not imposable as excess depreciation claimed was surrendered by the assessee without prior detection of the Revenue and such excess claim was made due to bonafide reasons.
Facts- The respondent assessee filed its return of income. Thereafter, the respondent filed revised return of income. The return was processed u/s. 143(A) and the case of the respondent assessee was selected for scrutiny. Pursuant to the scrutiny, notice u/s. 142(2) was issued to the respondent assessee. The assessment order was passed by AO.
Being aggrieved and dissatisfied by the said assessment order, the respondent assessee preferred an appeal before the CIT(A), however, the same was dismissed. It was observed by the CIT(A) in its order held that the assessee filed inaccurate particulars of income and hence liable for penalty u/S. 271(1)(c) of the Act and the respondent assessee was charged with penalty and the AO was directed to calculate the penalty u/S.271(1)(c) of the Act.
ITAT allowed the respondent assessee. Being aggrieved, revenue has preferred the present appeal.
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