https://www.taxtmi.com/caselaws?id=213127 The Tribunal accepted the assessee's appeal and deleted the penalties imposed under Section 271(1)(c) for both issues. It held that the claims for excessive depreciation on the CT scan machine and interest on the building loan were made in good faith and did not constitute furnishing inaccurate particulars or income concealment. The Tribunal emphasized that the assessee's actions were based on a genuine belief and all relevant information was disclosed, in line with judicial precedents, including the Supreme Court's decision in Reliance Petroproducts Pvt. Ltd. en-us Fri, 13 Apr 2012 00:00:00 +0530 Sat, 16 Apr 2016 15:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213127 The Tribunal accepted the assessee's appeal and deleted the penalties imposed under Section 271(1)(c) for both issues. It held that the claims for excessive depreciation on the CT scan machine and interest on the building loan were made in good faith and did not constitute furnishing inaccurate particulars or income concealment. The Tribunal emphasized that the assessee's actions were based on a genuine belief and all relevant information was disclosed, in line with judicial precedents, including the Supreme Court's decision in Reliance Petroproducts Pvt. Ltd. Case-Laws Income Tax Fri, 13 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213127