2019 (5) TMI 627

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....ORDER PER SHRI BHAVNESH SAINI, J.M. This appeal by assessee has been directed against the order of Ld. CIT(Appeals)-XXV, New Delhi dated 10.12.2013 for AY 2006- 07, challenging the levy of penalty u/s 271(1)(c) of the Income Tax Act. 2. Briefly the facts of the case are that search and seizure operation u/s 132 of the I.T. Act was conducted on the person of Shri L.K. Singh and Shri S. Raw....

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....return filed u/s 139 of the Act for AY 2005-06 as the income shown by the assessee u/s 115B for that assessment year was not adequate enough to absorb the entire depreciation claimed. However, in the return filed u/s 153C the assessee has already taken the claim of entire depreciation in AY 2005-06 itself, meaning thereby there is no claim of depreciation left which was to be carried forward to th....

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....e of filing of return. This is the error occurred because of the figure automatically picked up by the system itself and there was no any intention of the assessee to claim such deduction out of income declared for the year. The assessee has inadvertently claimed the excess amount without any melafied intention." 4. The AO was however, not satisfied with the explanation of the assessee and levi....

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....s an error occurred because of figures automatically picked up by the system itself. Thus, the assessee disclosed all the facts in the computation. It, therefore, appears that it was an inadvertent mistake. The explanation of assessee shows that there was unabsorbed depreciation in preceding AY 2005-06 which was claimed in assessment year under appeal i.e. 2006-07 u/s 139(1) of the Act. However, w....