{"id":10848,"date":"2020-03-23T01:45:41","date_gmt":"2020-03-23T01:45:41","guid":{"rendered":"http:\/\/itatonline.org\/digest\/pcit-v-financial-technologies-india-ltd-2019-112-taxmann-com-398-2020-269-taxman-33-bom-hc-editorial-slp-of-revenue-is-dismissed-pcit-v-financial-technologies-india-ltd-2020-269-ta\/"},"modified":"2020-03-23T01:45:41","modified_gmt":"2020-03-23T01:45:41","slug":"pcit-v-financial-technologies-india-ltd-2019-112-taxmann-com-398-2020-269-taxman-33-bom-hc-editorial-slp-of-revenue-is-dismissed-pcit-v-financial-technologies-india-ltd-2020-269-ta","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pcit-v-financial-technologies-india-ltd-2019-112-taxmann-com-398-2020-269-taxman-33-bom-hc-editorial-slp-of-revenue-is-dismissed-pcit-v-financial-technologies-india-ltd-2020-269-ta\/","title":{"rendered":"PCIT v. Financial Technologies India Ltd. (2019) 112 taxmann.com 398 \/ (2020) 269 Taxman 33 (Bom.)(HC) Editorial : SLP of revenue is dismissed ; PCIT v. Financial Technologies India Ltd. (2020) 269 Taxman 32 (SC)"},"content":{"rendered":"<p>Assessee filed its return claiming depreciation on its intellectual property rights. During the course of search proceedings\u00a0 as per the statement u\/s. 132(4) director of the company reduced the claim depreciation. AO imposed penalty under S. 271(1)(c) for raising a false claim. On appeal the Tribunal held\u00a0 claim of depreciation being a plausible claim, mere fact that same was withdrawn during subsequent search proceedings, would not give rise to penalty. Followed CIT v Reliance Petro\u00a0 Products (P) Ltd. (2010) 322 ITR 158 (SC)\u00a0 (AY. 2004-05)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 271(1)(c) : Penalty-Concealment-Depreciation-Claim was withdrawn in the course of search proceedings-Deletion of penalty by the Tribunal is held to be justified. [S. 32, 132(4), 153A]  <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-10848","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2OY","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/10848","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=10848"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/10848\/revisions"}],"predecessor-version":[{"id":10849,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/10848\/revisions\/10849"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=10848"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=10848"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=10848"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}