2011 (6) TMI 876

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....udu Inamdar ORDER PER R.K. PANDA, A.M. This appeal filed by the Revenue is directed against the order dated 29.05.2007 passed by the CIT(A)-II, Cochin relating to assessment year 2001-02. 2. The Revenue in the grounds of appeal has challenged the order of the Ld. CIT(A) in cancelling the penalty of Rs. 2,15,24,700/- levied by the AO u/s. 271(1)(c) of the I.T. Act. 3. Facts of the ca....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....anceled the penalty levied by the AO. Aggrieved with such order, the Revenue is in appeal before us. 4. We have considered the rival arguments made by both the sides, perused the orders of the authorities below and the paper book filed on behalf of the assessee. We have also considered the various decisions cited before us. The major addition of Rs. 4,35,45,000/- on which penalty has been levie....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....this additions is in order. 6. So far as the penalty levied on addition of Rs. 5,00,000/- being the Difference in depreciation added back is concerned, we find merit in the submission of the Ld. Counsel of the assessee that the addition was due to non application by mind by the AO. A perusal of the assessment order and the printed audited accounts (a copy of which is placed at pg. no. 42 of the....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....n and lease equalization reserve is concerned, we find the Tribunal in assessee's own case has discussed the issue for the A.Y.'s 1995- 96 to 1997-98 and the appeal filed by the assessee on this issue has been dismissed. However such order of the Tribunal is dated 19.03.2004 and the assessee in the impugned case has filed its return of income much earlier. The assessee all along was claiming the s....