2015 (10) TMI 2714

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....ax Act, 1961 (in short 'the Act'), whereby he has given partial relief to the assessee. 3. Briefly, the facs of the case are that the penalty under section 271(1)(c) of the Act was levied by the Assessing Officer on the following additions and disallowances made by the Assessing Officer in proceedings under section 143(3) of the Act : (i) Addition under section 40(a)(ia) Rs.1,22,35,474/- (ii) Payment through credit card Rs.11,13,777/- (iii) Wrong claim of depreciation and corresponding interest on loan Rs. 5,10,625/- (iv) Wrong claim of depreciation on plant & machinery and corresponding interest on loan Rs. 5,50,349/- (v) Wrong claim of depreciation on furniture and corresponding interest on loa....

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....lowances made in regular income. Reliance was also placed on the judgment of Hon'ble Delhi High Court in the case of CIT Vs. Nalwa Sons Investments Limited (2010) 37 ITR 543 (Del). 7. The learned D.R. could not controvert the said submissions made by the learned CIT (Appeals). 8. We have heard the learned representatives of both the parties, perused the findings of the authorities below and considered the material available on record. From the documents filed by the learned counsel for the assessee we see that the assessee had gone in appeal till the stage of I.T.A.T. against the quantum order of the relevant assessment year, which was decided by the Chandigarh Bench of the I.T.A.T. on 24.7.2014 in ITA No.409 of 2010. Even the app....