https://www.taxtmi.com/caselaws?id=173905 HC held that leasing machinery to third parties constituted use for business purposes, satisfying conditions for depreciation. The assessee's original claim of depreciation was thus lawful and not based on inaccurate particulars; its subsequent withdrawal, made under a mistaken impression induced by the revenue, did not amount to concealment of income or furnishing of false particulars under s. 271(1)(c) IT Act. The bona fides of the assessee were reinforced by the undisputed allowance of depreciation in the subsequent assessment year. Finding absence of mens rea and no infraction of s. 271(1)(c), HC set aside the Tribunal's order and restored the order of CIT(A), deleting the penalty. en-us Tue, 11 Mar 2008 00:00:00 +0530 Wed, 10 Dec 2025 13:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=173905 HC held that leasing machinery to third parties constituted use for business purposes, satisfying conditions for depreciation. The assessee's original claim of depreciation was thus lawful and not based on inaccurate particulars; its subsequent withdrawal, made under a mistaken impression induced by the revenue, did not amount to concealment of income or furnishing of false particulars under s. 271(1)(c) IT Act. The bona fides of the assessee were reinforced by the undisputed allowance of depreciation in the subsequent assessment year. Finding absence of mens rea and no infraction of s. 271(1)(c), HC set aside the Tribunal's order and restored the order of CIT(A), deleting the penalty. Case-Laws Income Tax Tue, 11 Mar 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=173905