https://www.taxtmi.com/caselaws?id=219072 The Tribunal canceled the penalty imposed by the Assessing Officer under section 271(1)(c) of the Income Tax Act for the assessment year 2004-05. The Tribunal found that the assessee had complied with the requirements of Rule 5(2) and had a genuine belief in claiming accelerated depreciation at 40%. While acknowledging the failure to apply for the necessary certificate, the Tribunal held that the penalty was unwarranted as the excess depreciation claim was on the opening Written Down Value of assets. The appeal of the assessee was allowed, and the penalty was canceled. en-us Wed, 25 Jan 2012 00:00:00 +0530 Tue, 04 Dec 2012 11:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219072 The Tribunal canceled the penalty imposed by the Assessing Officer under section 271(1)(c) of the Income Tax Act for the assessment year 2004-05. The Tribunal found that the assessee had complied with the requirements of Rule 5(2) and had a genuine belief in claiming accelerated depreciation at 40%. While acknowledging the failure to apply for the necessary certificate, the Tribunal held that the penalty was unwarranted as the excess depreciation claim was on the opening Written Down Value of assets. The appeal of the assessee was allowed, and the penalty was canceled. Case-Laws Income Tax Wed, 25 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219072