https://www.taxtmi.com/caselaws?id=216230 The Tribunal upheld the cancellation of the penalty under section 271(1)(c) of the Act, ruling in favor of the assessee. The penalty imposed by the Assessing Officer was deleted by the Commissioner of Income-tax (Appeals) based on the genuine explanations provided by the assessee regarding the clerical error in claiming depreciation and the nature of deductions. The Tribunal found the assessee's explanations credible, emphasizing the absence of any motive to overstate deductions given the company's substantial losses. The decision was in line with the principles established in National Textiles v. CIT [2001] 249 ITR 125. en-us Wed, 31 Mar 2010 00:00:00 +0530 Tue, 11 Jun 2013 17:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216230 The Tribunal upheld the cancellation of the penalty under section 271(1)(c) of the Act, ruling in favor of the assessee. The penalty imposed by the Assessing Officer was deleted by the Commissioner of Income-tax (Appeals) based on the genuine explanations provided by the assessee regarding the clerical error in claiming depreciation and the nature of deductions. The Tribunal found the assessee's explanations credible, emphasizing the absence of any motive to overstate deductions given the company's substantial losses. The decision was in line with the principles established in National Textiles v. CIT [2001] 249 ITR 125. Case-Laws Income Tax Wed, 31 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216230