2012 (8) TMI 1020

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.... assessee. It was submitted that the assessee approached the Hon'ble Bombay High Court against the quantum order passed by the Tribunal against the assessee and the substantial question of law has been admitted by the Hon'ble Bombay High Court. A copy of the order admitting the substantial question of law on this issue has been placed on page 16 of the paper book. In the light of the admission of substantial question of law on this issue, the learned AR submitted that no penalty can be sustained. In support of this proposition, he relied on certain decisions. The learned Departmental Representative fairly conceded that the solitary issue which was decided by the Tribunal against the assessee has been admitted as substantial question of law ....

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....ugned order is set aside and penalty is ordered to be deleted. 4. In the result, the appeal is allowed. 6. ITA No.6515/Mum/2011 is an appeal by the assessee in relation to the assessment year 2008-2009. 7. First two grounds of the appeal raised by the assessee are against the confirmation of disallowance of depreciation on motor car amounting to ₹ 16,93,546 and motor car insurance amounting to ₹ 10,633. Briefly stated the facts of the case are that the assessee filed his return declaring total income of ₹ 71,47,690 which inter alia included share of profit from M/s.Skylark Build and M/s.Shree Vrunda Enterprises exempt u/s 10(2A) of the Act. The Assessing Officer observed that the assessee claimed depreciation on car amo....