Itta/422/2013 Of Commissioner Of Income Tax - Ii v. Sri M. Narsing Rao

IN THE HIGH COURT OF JUDICATURE, ANDHRAPRADESH AT HYDERABAD WEDNESDAY, THE EIGHTEENTH DAY OFSEPTEMBER TWO THOUSAND AND THIRTEEN PRESENT THE HON’BLE THE CHIEF JUSTICESRI KALYAN JYOTI SEN GUPTA AND THE HON'BLE SRI JUSTICE K.C. BHANU I.T.T.A. No.422 OF 2013 Between: The Commissioner of Income Tax-II,Hyderabad ..... Appellant AND Sri M. Narsing Rao .....Respondent The Court made the following : JUDGMENT:(per the Hon’ble the Chief Justice Sri K.J. Sengupta) This appeal is sought to be admitted in relation tothe assessment year 2007-2008 on the followingsuggested questions of law: a. Whether on the facts and in thecircumstances of the case, the AppellateTribunal is justified in setting aside the levy ofpenalty under Section 271(1)(c) of the IncomeTax Act on the premise that the claim for grantof 100% depreciation on tippers used forbusiness for less than 180 days in an year isbonafide? b. Whether on the facts and in thecircumstances of the case, the finding ofAppellate Tribunal that the claim of the assesseefor grant of 100% depreciation on tippers isbonafide can be said to be based on material onrecord? We have heard learned counsel for the appellantand gone through the judgment and order of thelearned Tribunal. The learned Tribunal on fact foundthat there is no concealment of income or that theassessee furnished inaccurate particulars. The mistakewhile claiming depreciation was bonafide. Hence, theconditions for initiation of penalty proceedings are notsatisfied. In view of the fact-finding stated above, we donot find any element of law involved in this appeal. Accordingly, we dismiss the appeal. No order asto costs. ______________________ Kalyan Jyoti Sengupta, CJ. September 18, 2013MAS _____________ K.C. Bhanu, J.