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<h1>Madras HC Upholds Tribunal Decision on Penalty Deletion</h1> The Madras HC upheld the Tribunal's decision to delete the penalty under Section 271(1)(c) as the claim of depreciation on goodwill was deemed genuine. ... Penalty u/s 271(1)(c) - The respondent/assessee stated to have claimed depreciation on goodwill - According to the appellant such claim was rejected in the earlier assessment years - The assessee chose to make the claim for the present assessment year also - On that basis, it cannot be held that the claim itself was bogus - Tribunal held that the claim of depreciation was not a bogus claim - Therefore, mere disallowance would not attract levy of penalty under Section 271(1)(c) - The appeal fails and the same is dismissed. The Madras High Court upheld the Tribunal's decision to delete the penalty levied under Section 271(1)(c) as the claim of depreciation on goodwill was not considered bogus. The appeal was dismissed.
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