HC justified concealment penalty as assessee failed to justify dep. claim on sale & lease back asset

IT : Where assessee claimed depreciation on assets purchased from a subsidiary company and further leased back to parent company, since sale and lease back transaction was found to be bogus and assessee failed to substantiate with evidence its claim of 100 per cent depreciation on leased assets, imposition of penalty for concealment of income under section 271(1)(c) was justified

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