Dismissing the appeal of the revenue the Court held that merely because the depreciation claimed on intellectual property was withdrawn in the course of search proceedings, levy of penalty was held to be not justified. Followed CIT v. Reliance Petro Products (P.) Ltd. (2010)322 ITR 158 (SC). (AY. 2004-05)
PCIT v. Financial Technologies Ltd. (2019) 112 taxmann.com 398 (Bom.)(HC) Editorial : SLP of revenue is dismissed, PCIT v. Financial Technologies Ltd (2020) 269 Taxman 32 (SC)
S. 271(1)(c) : Penalty-Concealment-Depreciation withdrawn during subsequent search proceedings-Levy of penalty is held to be not justified. [S. 32, 132(4), 153A]