https://www.taxtmi.com/caselaws?id=216621 The ITAT dismissed the Revenue's appeal against the penalty u/s 271(1)(c), emphasizing the bonafide nature of the assessee's claim and the lack of justification for imposing the penalty. The ITAT held that the claim for depreciation was bonafide, as the assets were put to use for claiming depreciation, and the Revenue itself allowed the claim in the subsequent year. The ITAT rejected the Revenue's argument on 'mens rea' and upheld the CIT (A)'s decision based on the claim's bonafide nature, ultimately dismissing the Revenue's appeal. en-us Tue, 03 Jul 2012 00:00:00 +0530 Wed, 12 Sep 2012 16:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216621 The ITAT dismissed the Revenue's appeal against the penalty u/s 271(1)(c), emphasizing the bonafide nature of the assessee's claim and the lack of justification for imposing the penalty. The ITAT held that the claim for depreciation was bonafide, as the assets were put to use for claiming depreciation, and the Revenue itself allowed the claim in the subsequent year. The ITAT rejected the Revenue's argument on 'mens rea' and upheld the CIT (A)'s decision based on the claim's bonafide nature, ultimately dismissing the Revenue's appeal. Case-Laws Income Tax Tue, 03 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216621