https://www.taxtmi.com/caselaws?id=246125 The Income Tax Appellate Tribunal (ITAT) justified canceling a penalty levied under Section 271(1)(c) of the Income Tax Act for an assessee who claimed excess depreciation. The Tribunal accepted the book profit disclosed by the assessee for tax purposes under Section 115J, leading to the deletion of the penalty. The Tribunal emphasized that the calculation error was bona fide, as all facts regarding depreciation were fully disclosed. The Court upheld the Tribunal's decision, ruling that the book profit disclosed under Section 115J is relevant for penalty purposes, not the income determined under the Income Tax Act. The appeal was dismissed in favor of the assessee. en-us Mon, 07 Apr 2014 00:00:00 +0530 Wed, 20 Aug 2014 13:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=246125 The Income Tax Appellate Tribunal (ITAT) justified canceling a penalty levied under Section 271(1)(c) of the Income Tax Act for an assessee who claimed excess depreciation. The Tribunal accepted the book profit disclosed by the assessee for tax purposes under Section 115J, leading to the deletion of the penalty. The Tribunal emphasized that the calculation error was bona fide, as all facts regarding depreciation were fully disclosed. The Court upheld the Tribunal's decision, ruling that the book profit disclosed under Section 115J is relevant for penalty purposes, not the income determined under the Income Tax Act. The appeal was dismissed in favor of the assessee. Case-Laws Income Tax Mon, 07 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=246125