2022 (7) TMI 1347

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....ning AY 2012-13. 2. As per its grounds of appeal, the assessee has challenged the imposition of penalty of Rs.91,097/-. 3. When the matter was called for hearing, non appeared for the Assessee. The matter was accordingly proceeded ex-parte in the absence of the assessee. On perusal of the orders of the authorities below, we observe that the penalty has been imposed on account of disallowance of alleged incorrect claim by way of excess depreciation on Furnace Rs.39265/-, excess depreciation on pollution equipments Rs.2,40,995/- and disallowance of Rs.300 under Section 14A of the Act. It is simultaneously noticed that the assessee has contended before lower authorities that books of account and the financial statements of the assessee has b....

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....ticulars as such. 5. Needless to say, to invoke Section 271(1)(c), the entirety of circumstances must reasonable point to the conclusion that the disputed amount represents income and the assessee has concealed the particulars or furnished inaccurate particulars thereof. As noted, the quantum addition has been confirmed on the premise that the assessee is not eligible for higher rate of depreciation in the facts of the case. It is not the case of the Revenue authorities that the assessee has, in fact, concealed the fact relating to claim of depreciation allowance beyond any doubt. The Revenue Authorities have determined the lower claim of depreciation eligible to assessee on the basis of reappreciation of existing facts. 6. A conspectus o....