penalty u/s 271(1)(c) on disallowed depreciation
This query is : Resolved
25 April 2008
Sir,
In one of the cases the A.O. has disallowed the depreciation on a motor cycle on the ground that the Motor Cycle was procured on 31/3 and was not registered in the name of assessee. He has also proposed penalty u/s 271(1)(c) on the addition so made. Is he justified in doing so? I have read somewhere that in such a case the penalty should not be imposed. Please provide me the details of any related case or the provisions.
This is urgent.
Thanks in advance.
Mahesh
In one of the cases the A.O. has disallowed the depreciation on a motor cycle on the ground that the Motor Cycle was procured on 31/3 and was not registered in the name of assessee. He has also proposed penalty u/s 271(1)(c) on the addition so made. Is he justified in doing so? I have read somewhere that in such a case the penalty should not be imposed. Please provide me the details of any related case or the provisions.
This is urgent.
Thanks in advance.
Mahesh
19 June 2013
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