https://www.taxtmi.com/caselaws?id=169553 The Tribunal dismissed the Revenue's appeal against the deletion of penalty under section 271(1)(c) for an incorrect claim of depreciation. Despite acknowledging the inaccuracy of the claim, the courts found no deliberate intent to conceal income as complete details were disclosed. Relying on legal precedents, the decision emphasized that mere unsustainable claims in the return did not warrant a penalty. The judgment highlighted the importance of full disclosure and absence of fraudulent intent in penalty imposition for inaccurate claims, ultimately upholding the deletion of the penalty. en-us Fri, 19 Apr 2013 00:00:00 +0530 Wed, 15 Apr 2015 17:49:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169553 The Tribunal dismissed the Revenue's appeal against the deletion of penalty under section 271(1)(c) for an incorrect claim of depreciation. Despite acknowledging the inaccuracy of the claim, the courts found no deliberate intent to conceal income as complete details were disclosed. Relying on legal precedents, the decision emphasized that mere unsustainable claims in the return did not warrant a penalty. The judgment highlighted the importance of full disclosure and absence of fraudulent intent in penalty imposition for inaccurate claims, ultimately upholding the deletion of the penalty. Case-Laws Income Tax Fri, 19 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169553