https://www.taxtmi.com/caselaws?id=183192 The High Court upheld the Tribunal's decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act for inaccurate particulars of income due to an incorrect claim of depreciation. The Court found that the assessee, a limited company managed by qualified professionals, acted in good faith based on the advice of experts, including a Chartered Accountant. The Court emphasized that the penalty was not justified as the assessee relied on professional advice and dismissed the appeal, stating no substantial question of law arose from the Tribunal's order. en-us Wed, 25 Nov 2009 00:00:00 +0530 Wed, 01 Jun 2016 12:46:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183192 The High Court upheld the Tribunal's decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act for inaccurate particulars of income due to an incorrect claim of depreciation. The Court found that the assessee, a limited company managed by qualified professionals, acted in good faith based on the advice of experts, including a Chartered Accountant. The Court emphasized that the penalty was not justified as the assessee relied on professional advice and dismissed the appeal, stating no substantial question of law arose from the Tribunal's order. Case-Laws Income Tax Wed, 25 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183192