TaxTMI 
TaxTMI 
2021 (7) TMI 454
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....009 passed under section 271(1)(c) of the Income-tax Act, 1961 (for short 'the Act') qua the assessment year 2002-03 on the grounds inter alia that :- "1. The Ld. Commissioner of Income Tax (Appeal) has erred in law in allowing the appeal of the assessee without truly appreciating the factual matrix of the case. 2. The Ld. Commissioner of Income Tax (Appeal) has erred in law and on the facts in deleting the penalty of Rs. 57,~posed by the AO on account of furnishing inaccurate particulars by the assessee company of its income when it is not covered by the Instruction No.5/2015 which was applicable for A.Y. 2000-01 & 2001-02. " 2. Briefly stated the facts necessary for adjudication of the controversy at hand are : On the....
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.... income arrived at Rs. 11,09,985/-. It is also a fact on record that as per original computation of income, assessee has computed Rs. 11,09,985/- under the normal provisions of the Act and claimed depreciation of Rs. 6,35,84,390/- on the brought forward unabsorbed depreciation of Rs. 10,56,06,113/- whereas the AO allowed depreciation as per the Act at Rs. 7,14,24,272/- and carry forward losses arrived at Rs. 35780180/- as carry forward depreciation reduced by the AO has automatically increased to Rs. 3,30,96,030/-. 6. In the backdrop of the aforesaid facts and circumstances of the case, order passed by the lower authorities and arguments addressed by the authorized representatives of both the parties, the sole question arises for determi....
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....ear now allowed 9,62,601 Interest on Bank deposits considered separately 11,09,985 6,35,84,390 Income from business 10,56,06,113 INCOME FROM OTHER SOURCES Interest on Bank deposits considered separately 11,09,985 Less: Brought forward unabsorbed depreciation (10,56,06,113) GROSS TOTAL INCOME 11,09,985 Whereas the Ld. AO has allowed the correct depreciation at Rs. 7,14,24,272/- in the Assessment order page 5 of the assessment order as under: "Business Income Gross total Income before depreciation 17,03,00,488 Less: Correct Allowable Depreciation ....
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....ation of income appellant company has arrived Rs. 11,09,985/ - under normal provision of income tax. The appellant company has arrived Rs. 11,09,985/- under normal provision of income tax by claiming depreciation of Rs. 6,35,84,390/- on the brought forward unabsorbed depreciation of Rs. 10,56,06,113/ - whereas the ld. AO has allowed depreciation as per income tax Act at Rs. 7,14,24,272/- and carry forward losses arrived by made Rs. 35,78,0180 as carry forward depreciation has been reduced by learned AO the income has automatically increased to Rs. 33096030/- the adjustment of carry forward depreciation under dispute by the appellant which is pending before Hon'ble ITAT. Prima facie I am of the opinion the appellant company furnished all....
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....(A) and we are of the considered view that the ld. CIT (A) arrived at the findings that it is not a case of furnishing of inaccurate particulars of income as alleged by AO rather assessee company has furnished all information before the AO. Perusal of the assessment order shows that at the time of recomputing carry forward depreciation, AO reached the conclusion that the assessee has claimed excess depreciation which amounts to furnishing of inaccurate particulars of income, whereas it is not the case when the working made and examined by the ld. CIT (A) in para 4 of the impugned order. It is the case of some adjustment made by the AO for examining the issue of depreciation whereas exact depreciation claimed by the assessee of Rs. 6,35,84,3....