https://www.taxtmi.com/caselaws?id=69078 The Tribunal upheld the decision of the Commissioner (Appeals) and dismissed the departmental appeal, concluding that the evidence provided by the assessee supported their claim for depreciation and investment allowance. The judgment emphasized the importance of a bona fide belief in making claims and the need for a reasonable basis for penalty imposition, highlighting that mere refusal of a claim should not be the sole basis for initiating penalty proceedings. en-us Fri, 24 Feb 1995 00:00:00 +0530 Tue, 05 Apr 2011 10:45:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69078 The Tribunal upheld the decision of the Commissioner (Appeals) and dismissed the departmental appeal, concluding that the evidence provided by the assessee supported their claim for depreciation and investment allowance. The judgment emphasized the importance of a bona fide belief in making claims and the need for a reasonable basis for penalty imposition, highlighting that mere refusal of a claim should not be the sole basis for initiating penalty proceedings. Case-Laws Income Tax Fri, 24 Feb 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69078