https://www.taxtmi.com/caselaws?id=169867 The Tribunal upheld the CIT(A)'s decision to cancel the penalty imposed under Section 271(1)(c) of the Income-tax Act, 1961. The appellant's bona fide claims, supported by disclosed details and audit reports, led to the reduction of disallowed depreciation. The Tribunal emphasized the importance of valid claims and absence of false particulars, following the precedent set by Reliance Petroproducts Pvt.Ltd. The Revenue's appeal was dismissed, highlighting that penalties are not warranted for incorrect claims without mala fide intentions. en-us Fri, 28 Feb 2014 00:00:00 +0530 Wed, 29 Oct 2014 10:58:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169867 The Tribunal upheld the CIT(A)'s decision to cancel the penalty imposed under Section 271(1)(c) of the Income-tax Act, 1961. The appellant's bona fide claims, supported by disclosed details and audit reports, led to the reduction of disallowed depreciation. The Tribunal emphasized the importance of valid claims and absence of false particulars, following the precedent set by Reliance Petroproducts Pvt.Ltd. The Revenue's appeal was dismissed, highlighting that penalties are not warranted for incorrect claims without mala fide intentions. Case-Laws Income Tax Fri, 28 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169867