https://www.taxtmi.com/caselaws?id=70650 The Tribunal concluded that there was no deliberate intention to conceal income or furnish inaccurate particulars by the appellant company. The claims for depreciation and investment allowance were made in good faith but were disallowed due to a mistaken understanding of the law. The Tribunal found that the penalty under Section 271(1)(c) of the IT Act was unwarranted and ordered its cancellation, with a directive for refund if already paid, thereby allowing the appeal. en-us Fri, 16 Feb 1990 00:00:00 +0530 Mon, 18 Apr 2011 13:06:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70650 The Tribunal concluded that there was no deliberate intention to conceal income or furnish inaccurate particulars by the appellant company. The claims for depreciation and investment allowance were made in good faith but were disallowed due to a mistaken understanding of the law. The Tribunal found that the penalty under Section 271(1)(c) of the IT Act was unwarranted and ordered its cancellation, with a directive for refund if already paid, thereby allowing the appeal. Case-Laws Income Tax Fri, 16 Feb 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70650