https://www.taxtmi.com/caselaws?id=180004 The Tribunal upheld the CIT (A)'s decision to delete the penalty under section 271(1)(c) of the I.T. Act, emphasizing the bonafide belief of the assessee in claiming higher depreciation under the TUF Scheme. The Tribunal found that the dispute revolved around the correct rate of depreciation, not concealment of income, similar to the Eagle Fibres Pvt. Ltd. case. Consequently, the Tribunal dismissed the Revenue's appeal, citing the decision in CIT vs. Reliance Petroproducts and affirming there was no justification to overturn the CIT (A)'s order. en-us Fri, 07 Sep 2012 00:00:00 +0530 Tue, 13 Mar 2018 09:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180004 The Tribunal upheld the CIT (A)'s decision to delete the penalty under section 271(1)(c) of the I.T. Act, emphasizing the bonafide belief of the assessee in claiming higher depreciation under the TUF Scheme. The Tribunal found that the dispute revolved around the correct rate of depreciation, not concealment of income, similar to the Eagle Fibres Pvt. Ltd. case. Consequently, the Tribunal dismissed the Revenue's appeal, citing the decision in CIT vs. Reliance Petroproducts and affirming there was no justification to overturn the CIT (A)'s order. Case-Laws Income Tax Fri, 07 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180004