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PENALTY U/S 271 (1) (C)

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Querist : Anonymous

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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
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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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