https://www.taxtmi.com/caselaws?id=244347 Penalty under section 271(1)(c) cannot be sustained where the assessee's depreciation claim on leased assets is a bona fide, debatable legal claim. The claim had been consistently pursued in earlier years, had already been litigated repeatedly, and the allowability issue was pending before the High Court. On the facts, there was no finding of concealment of income or furnishing of inaccurate particulars. Accordingly, the penalty was held not exigible and was cancelled in favour of the assessee. en-us Wed, 29 Jan 2014 00:00:00 +0530 Mon, 14 Mar 2016 15:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244347 Penalty under section 271(1)(c) cannot be sustained where the assessee's depreciation claim on leased assets is a bona fide, debatable legal claim. The claim had been consistently pursued in earlier years, had already been litigated repeatedly, and the allowability issue was pending before the High Court. On the facts, there was no finding of concealment of income or furnishing of inaccurate particulars. Accordingly, the penalty was held not exigible and was cancelled in favour of the assessee. Case-Laws Income Tax Wed, 29 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244347