2025 (10) TMI 528

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....ORDER PER B.M. BIYANI, A.M.: Feeling aggrieved by order of first appeal dated 23.01.2024 passed by learned Commissioner of Income-Tax (Appeals)-NFAC, Delhi ["CIT(A)"] which in turn arises out of penalty-order dated 21.01.2022 passed by learned NFAC, Delhi ["AO"] u/s 271(1)(c) of Income-tax Act, 1961 ["the Act"] for Assessment-Year ["AY"] 2015-16, the assessee has filed this appeal on the gro....

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....xpenses. Accordingly, the AO determined total income at (-) Rs. 22,57,425/-. The AO also initiated penalty proceedings u/s 271(1)(c) for first two items of additions, namely (i) disallowance of Rs. 32,31,505/- out of depreciation claim, and (ii) disallowance of Rs. 6,00,000/- on account of income-tax, treating them as furnishing of inaccurate particulars of income by assessee. Ultimately, the AO p....

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....er dated 31.12.2019 passed u/s 143(3) r.w.s. 263. However, identical claim of additional depreciation has not been allowed by present AO (who is faceless) for AY 2015-16 as involved in present case. Ld. AR submitted that when the assessing authority has allowed the claim of additional depreciation in preceding AY 2014-15, the identical claim even if not allowed in current AY 2015-16, cannot be sai....

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....eld that if the assessee has made a claim which is contrary to basic principle of accountancy and subsequently filed revised return only after AO confronted assessee, penalty was leviable. Another case relied by Ld. DR is Hamirpur District Cooperative Bank Ltd. Vs. CIT (2020) 113 taxmann.com 447 (SC) wherein it was held that if the assessee has wrongly debited certain amount in P&L A/c which was n....