Penalty justified for claim of depreciation on asset not used in business

HIGH COURT OF DELHI Commissioner of Income-tax Versus Morgan Finvest (P.) Ltd. IT APPEAL NO. 1855 OF 2010 DECEMBER 6, 2012 ORDER R.V. Easwar, J. This is an appeal filed by the CIT under Section 260A of the Income Tax Act, 1961 (Act, for short). 2. Admit. 3. The following question of law is framed:- “Whether the Tribunal erred in law in deleting the penalty of Rs. 14,46,239/- imposed by the assessing officer under Section 271(1)(c) of the Income Tax Act, 1961 and confirmed by the CIT (Appeals)?” 4. The appeal relates to the assessment year 2005-06. The assessee, ...