https://www.taxtmi.com/caselaws?id=250856 The Appellate Tribunal ITAT Hyderabad ruled in favor of the assessee, canceling the penalty imposed under section 271(1)(c) of the I.T. Act, 1961. The Tribunal held that the withdrawal of the depreciation claim during survey proceedings did not warrant a penalty, citing legal precedents and the specific tax computation under section 115JB. The decision was based on the genuine explanation provided by the assessee and the absence of tax evasion, ultimately allowing the appeal and setting aside the penalty on 13.08.2014. en-us Wed, 13 Aug 2014 00:00:00 +0530 Wed, 27 Aug 2014 09:32:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250856 The Appellate Tribunal ITAT Hyderabad ruled in favor of the assessee, canceling the penalty imposed under section 271(1)(c) of the I.T. Act, 1961. The Tribunal held that the withdrawal of the depreciation claim during survey proceedings did not warrant a penalty, citing legal precedents and the specific tax computation under section 115JB. The decision was based on the genuine explanation provided by the assessee and the absence of tax evasion, ultimately allowing the appeal and setting aside the penalty on 13.08.2014. Case-Laws Income Tax Wed, 13 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250856