Waiver of penaltly u/s.273b

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 May 2015 Dear Sir,

We received income tax assessment order for A.Y.2012-13 addition of Rs.3,00,000/- due to differencial depreciation as per ready to use and put to use, We received notice U/s.271(1)(C) please advise and any case law for delete the penalty.

We are ensure for earlier reply.

CA. SHIVA SHANKARA R. SHETTY

CA. SHIVA SHANKARA R. SHETTY (Expert)
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27 May 2015 Under the income tax act, the depreciation will be computed from the date of 'put to use'

I think, no case law to support your view that, 'ready to use'.