https://www.taxtmi.com/caselaws?id=70399 The Tribunal concluded that the penalty under section 271(1)(c) of the Income-tax Act was not justified. The appellant's claims for depreciation and investment allowance on machinery not installed were made under a bona fide mistake, with no intention to conceal income. The Tribunal found no deliberate suppression of income and held that the appellant's case fell within the proviso to Explanation 1 of the Act. As a result, the penalty was canceled, and the appeal was allowed, with directions for a refund of the penalty amount if already collected. en-us Fri, 16 Feb 1990 00:00:00 +0530 Fri, 15 Apr 2011 18:58:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70399 The Tribunal concluded that the penalty under section 271(1)(c) of the Income-tax Act was not justified. The appellant's claims for depreciation and investment allowance on machinery not installed were made under a bona fide mistake, with no intention to conceal income. The Tribunal found no deliberate suppression of income and held that the appellant's case fell within the proviso to Explanation 1 of the Act. As a result, the penalty was canceled, and the appeal was allowed, with directions for a refund of the penalty amount if already collected. Case-Laws Income Tax Fri, 16 Feb 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70399