B. LOGANATHAN Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) The assessee has filed this appeal under Sec. 260A of the Act, aggrieved by the order of the Tribunal dtd. 13/6/2008 for the assessment year 2000-01, wherein the Revenue's appeal was allowed and the penalty under Sec. 271(1)(c) of the Act was restored by the Tribunal setting aside the order passed by the Commissioner of Income Tax (Appeals) on 18/8/2004, by which the first Appellate Authority Commissioner of Income Tax (Appeals) had set aside the penalty in question, in favour of assessee.

(2.) The facts leading to the said order of the Tribunal, in brief, are as under:

(3.) The Assessee, during the course of assessment proceedings, claimed initially that the delivery of these three Pay Loaders was taken at Pondicherry at about 2.30 and they were brought to Chennai Port by 9.30 PM and therefore, the said three Pay Loaders were put to use before the end of the previous year on 31/3/2000 and thus, he was entitled to depreciation claim of Rs.14,79,000.00, but the assessee somehow gave up the claim of depreciation in respect of these three Pay Loaders and paid the tax due to that extent forgoing his claim of depreciation, for the assessment year 2000-