Income Tax - In case AO did not agree with the Assessee, it does not mean that the Assessee had furnished inaccurate particulars. Penalty u/s 271(1)(c) is not imposable.

Income Tax - In case AO did not agree with the Assessee, it does not mean that the Assessee had furnished inaccurate particulars. Penalty u/s 271(1)(c) is not imposable. https://www.taxtmi.com/news?id=252 A disagreement by the Assessing Officer over a depreciation claim does not, by itself, establish furnishing of inaccurate particulars for penalty purposes. Depreciation is allowable where the asset is owned and used for the purposes of the business, and passive maintenance so the plant is ready for use qualifies as such. If the assessee's position is a plausible statutory interpretation taken in good faith, penalty under the inaccurate-particulars provision is not warranted. en-us Tue, 15 Jan 2008 22:41:00 +0530 Wed, 25 Jun 2008 09:47:00 +0530 TaxTMI RSS Generator Income Tax - In case AO did not agree with the Assessee, it does not mean that the Assessee had furnished inaccurate particulars. Penalty u/s 271(1)(c) is not imposable. https://www.taxtmi.com/news?id=252 A disagreement by the Assessing Officer over a depreciation claim does not, by itself, establish furnishing of inaccurate particulars for penalty purposes. Depreciation is allowable where the asset is owned and used for the purposes of the business, and passive maintenance so the plant is ready for use qualifies as such. If the assessee's position is a plausible statutory interpretation taken in good faith, penalty under the inaccurate-particulars provision is not warranted. News - Tue, 15 Jan 2008 22:41:00 +0530 https://www.taxtmi.com/news?id=252