2019 (3) TMI 733

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....bgotra ORDER PER SAKTIJIT DEY, J.M. Aforesaid appeal has been filed by the assessee challenging the order dated 28th February 2017, passed by the learned Commissioner (Appeals)-17, Mumbai, confirming penalty imposed of Rs. 2,28,458, under section 271(1)(c) of the Income Tax Act, 1961 (for short "the Act") for the assessment year 2012-13. 2. Brief facts are, the assessee is a company. A....

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.... Officer, the assessee agreed to the proposed disallowance. Accordingly, the Assessing Officer disallowed the depreciation claimed of Rs. 7,39,347. On the basis of such disallowance the Assessing Officer initiated proceeding for imposition of penalty under section 271(1)(c) of the Act alleging furnishing of inaccurate particulars of income by the assessee. Though, the assessee filed its explanatio....

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....owance depreciation. He submitted, to prove its bonafide the assessee had revised its return of income filed for the assessment year 2014-15 by adding back deprecation claimed in the original return of income. He submitted, in the return of income filed for the assessment year 2015-16, the assessee had not claimed any depreciation. Thus, he submitted, the mistake/error in claiming deprecation bein....