https://www.taxtmi.com/caselaws?id=169408 The High Court allowed the appeal against the penalty imposed under Section 271(1)(c) of the Income Tax Act for a wrong claim of depreciation on a rented house property. The court found that the claim was based on the auditor's report and was rectified by filing a revised return after the mistake was identified. Citing a Supreme Court decision, the High Court held that no penalty should be imposed for unintentional errors in depreciation claims. The penalty was quashed, and the initiation of prosecution based on the penalty was also quashed. en-us Fri, 20 May 2011 00:00:00 +0530 Sat, 18 Apr 2015 16:02:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169408 The High Court allowed the appeal against the penalty imposed under Section 271(1)(c) of the Income Tax Act for a wrong claim of depreciation on a rented house property. The court found that the claim was based on the auditor's report and was rectified by filing a revised return after the mistake was identified. Citing a Supreme Court decision, the High Court held that no penalty should be imposed for unintentional errors in depreciation claims. The penalty was quashed, and the initiation of prosecution based on the penalty was also quashed. Case-Laws Income Tax Fri, 20 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169408