https://www.taxtmi.com/caselaws?id=221958 The Tribunal ruled in favor of the respondent-assessee in both issues. For the first issue, the Tribunal found the excess depreciation claim to be inadvertent and not intentional, leading to the deletion of the penalty. In the second issue, the Tribunal deemed the mistake in claiming a loss as a revenue deduction to be bonafide, especially after correction and considering the circumstances. The Tribunal emphasized rectifying errors during assessment and distinguishing genuine mistakes from intentional misstatements, resulting in the dismissal of the appeal without costs. en-us Thu, 21 Mar 2013 00:00:00 +0530 Wed, 30 Sep 2015 14:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221958 The Tribunal ruled in favor of the respondent-assessee in both issues. For the first issue, the Tribunal found the excess depreciation claim to be inadvertent and not intentional, leading to the deletion of the penalty. In the second issue, the Tribunal deemed the mistake in claiming a loss as a revenue deduction to be bonafide, especially after correction and considering the circumstances. The Tribunal emphasized rectifying errors during assessment and distinguishing genuine mistakes from intentional misstatements, resulting in the dismissal of the appeal without costs. Case-Laws Income Tax Thu, 21 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221958