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of No penalty u/s 271(1)(c) was imposed on the assessee for disallowance of depreciation. The ITAT held that the assessee did not deliberately claim depreciation with an intention to make an inaccurate claim, as evidenced by the voluntary withdrawal of the ground before the CIT(A) and non-claiming of depreciation in subsequent years. The ITAT relied on the Supreme Court's decision in CIT vs. Pricewaterhouse Coopers Pvt. Ltd., which held that no penalty u/s 271(1)(c) would be imposed for a bona fide, inadvertent, or human error. The ITAT ruled in favor of the assessee.
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