2019 (6) TMI 296

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.... This appeal by the assessee is directed against order of learned CIT-A dated 21.09.2017 and pertains to assessment year 2006-07. 2. The grounds for appeal is that the learned CIT-A erred in sustaining the penalty of Rs. 7,83,991/- under section 271(1)(c) of the income tax act. 3. Brief facts of the case leading to the levy of penalty are that penalty was levied on two counts. One issue was the ....

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....ve heard both the counsel and perused the records. As regards the claim of deprecation on which penalty has been levied, we find that assessee's claim, that assessee was also using the said let out premises as godown has been rejected. This aspect has to be looked from the point of view that the said prices was let out to the assessee's wife itself. Hence the assessee claim that the said prices wa....