https://www.taxtmi.com/caselaws?id=248841 The ITAT ruled in favor of the Assessee, canceling the penalty imposed under section 271(1)(c) for the disallowed excess depreciation claim. The Assessee's unintentional error in claiming higher depreciation was deemed not to constitute concealment of income, as all material facts were disclosed in good faith. Citing legal precedents, including the Supreme Court's stance on inadvertent errors, the ITAT concluded that the penalty was unwarranted. The decision highlighted that genuine mistakes, when promptly acknowledged, do not attract penalty under section 271(1)(c), leading to the successful appeal by the Assessee. en-us Fri, 06 Jun 2014 00:00:00 +0530 Thu, 26 Jun 2014 11:18:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248841 The ITAT ruled in favor of the Assessee, canceling the penalty imposed under section 271(1)(c) for the disallowed excess depreciation claim. The Assessee's unintentional error in claiming higher depreciation was deemed not to constitute concealment of income, as all material facts were disclosed in good faith. Citing legal precedents, including the Supreme Court's stance on inadvertent errors, the ITAT concluded that the penalty was unwarranted. The decision highlighted that genuine mistakes, when promptly acknowledged, do not attract penalty under section 271(1)(c), leading to the successful appeal by the Assessee. Case-Laws Income Tax Fri, 06 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248841