https://www.taxtmi.com/caselaws?id=180260 The Appellate Tribunal ITAT Ahmedabad dismissed the Revenue's appeal against the penalty imposed on the assessee for claiming excessive depreciation without reducing the subsidy received on capital assets. The Tribunal held that the incorrect depreciation claim did not amount to concealment of income under section 271(1)(c) of the Income Tax Act, citing the decision in CIT Vs. Reliance Petroproducts Pvt. Ltd. The appeal was ultimately dismissed on 17th June 2011. en-us Fri, 17 Jun 2011 00:00:00 +0530 Sat, 19 Mar 2016 11:59:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180260 The Appellate Tribunal ITAT Ahmedabad dismissed the Revenue's appeal against the penalty imposed on the assessee for claiming excessive depreciation without reducing the subsidy received on capital assets. The Tribunal held that the incorrect depreciation claim did not amount to concealment of income under section 271(1)(c) of the Income Tax Act, citing the decision in CIT Vs. Reliance Petroproducts Pvt. Ltd. The appeal was ultimately dismissed on 17th June 2011. Case-Laws Income Tax Fri, 17 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180260