PENALTY U/S 271 (1) (C)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 July 2011
DEPRECIATION CLAIMED ON BUILDING AND INTEREST ON LOAN ON SUCH BUILDING CLAIMED U/S 24 . DEPRECIATION DISALLOWD BY A.O. AND ISSUE PENALTY NOTICE U/S 271 (1) (C) TOWARDS DEPRECIATION
MY QUESTION IS THIS THAT PENALTY CAN BE IMPOSED IF NOT THAN PLEASE QUOTE ANY DECISION IN FAVOUR OF ASSESSEE
MY QUESTION IS THIS THAT PENALTY CAN BE IMPOSED IF NOT THAN PLEASE QUOTE ANY DECISION IN FAVOUR OF ASSESSEE
19 July 2011
Penalty will not sustain. Supreme court decision in CIT Vs Reliance Petro products Pvt Ltd reported in (2010)322 ITR 158 can be relied on.
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