https://www.taxtmi.com/caselaws?id=254173 The tribunal ruled in favor of the assessee, canceling the penalty imposed under section 271(1)(c) of the Income Tax Act. It was held that the excess depreciation claimed, due to a bona fide error in claiming depreciation on a sold asset, did not amount to concealment of income or furnishing inaccurate particulars. The tribunal emphasized that rectification of such errors should not lead to penalty imposition, citing judicial precedents. The penalty was deemed unjustified, and the tribunal set aside the lower authorities' orders, ultimately canceling the penalty against the assessee. en-us Tue, 29 Apr 2014 00:00:00 +0530 Mon, 15 Dec 2014 06:44:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254173 The tribunal ruled in favor of the assessee, canceling the penalty imposed under section 271(1)(c) of the Income Tax Act. It was held that the excess depreciation claimed, due to a bona fide error in claiming depreciation on a sold asset, did not amount to concealment of income or furnishing inaccurate particulars. The tribunal emphasized that rectification of such errors should not lead to penalty imposition, citing judicial precedents. The penalty was deemed unjustified, and the tribunal set aside the lower authorities' orders, ultimately canceling the penalty against the assessee. Case-Laws Income Tax Tue, 29 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254173