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No penalty just because assessee claimed dep. towards sum spent on construction of Highways on BOT basis

October 10, 2019[2019] 109 262 (Punjab & Haryana)/[2019] 267 Taxman 364 (Punjab & Haryana)

INCOME TAX: Where penalty proceedings were initiated against assessee for raising a wrong claim for depreciation in respect of contract awarded for broadening of National Highway on Build-Operate-Transfer (BOT) basis on ground that road was not owned by assessee, in view of fact that various assessees in similar circumstances had claimed depreciation and, in order to reduce said controversy, Board had issued Circular No. 9 dated 23-4-2014 assessee could not be held guilty of furnishing inaccurate particulars of income and, thus, impugned proceedings deserved to be set aside
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