https://www.taxtmi.com/caselaws?id=68519 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision to cancel the penalty imposed under section 271(1)(c) of the Act. It was determined that the assessee's claim for depreciation on a truck was a bona fide mistake and did not amount to fraud or concealment. The Tribunal emphasized that denial of depreciation does not necessarily imply concealment, and there was no evidence of intentional wrongdoing by the assessee. As a result, the Department's appeal was dismissed, and the assessee's cross-objection was deemed infructuous. en-us Tue, 06 Jan 2004 00:00:00 +0530 Wed, 30 Mar 2011 18:02:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68519 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision to cancel the penalty imposed under section 271(1)(c) of the Act. It was determined that the assessee's claim for depreciation on a truck was a bona fide mistake and did not amount to fraud or concealment. The Tribunal emphasized that denial of depreciation does not necessarily imply concealment, and there was no evidence of intentional wrongdoing by the assessee. As a result, the Department's appeal was dismissed, and the assessee's cross-objection was deemed infructuous. Case-Laws Income Tax Tue, 06 Jan 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68519