https://www.taxtmi.com/caselaws?id=248725 The appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act was successful. The penalty of Rs. 11,39,371/- confirmed by the Ld. CIT(A) for excess depreciation claimed by the assessee was challenged. The court found that the claim was made in good faith with all relevant facts disclosed, leading to the deletion of the penalty. The comparison with a previous tribunal judgment supported the decision to allow the appeal, emphasizing that penalty imposition is not justified when claims are made in good faith and all material facts are disclosed. en-us Fri, 30 May 2014 00:00:00 +0530 Mon, 23 Jun 2014 08:34:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248725 The appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act was successful. The penalty of Rs. 11,39,371/- confirmed by the Ld. CIT(A) for excess depreciation claimed by the assessee was challenged. The court found that the claim was made in good faith with all relevant facts disclosed, leading to the deletion of the penalty. The comparison with a previous tribunal judgment supported the decision to allow the appeal, emphasizing that penalty imposition is not justified when claims are made in good faith and all material facts are disclosed. Case-Laws Income Tax Fri, 30 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248725