https://www.taxtmi.com/caselaws?id=185449 The Appellate Tribunal upheld the deletion of penalty u/s 271(1)(c) imposed by the Assessing Officer on the assessee for claiming depreciation on sheds. The Tribunal considered the issue of debatable nature and cited legal precedents stating that penalties cannot be imposed on such matters. Emphasizing the importance of judicial discretion and bonafide belief in statutory obligations, the Tribunal dismissed the revenue's appeal, concluding that penalties should not be imposed for technical breaches or honest mistakes. en-us Wed, 25 May 2011 00:00:00 +0530 Fri, 12 Aug 2016 18:42:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185449 The Appellate Tribunal upheld the deletion of penalty u/s 271(1)(c) imposed by the Assessing Officer on the assessee for claiming depreciation on sheds. The Tribunal considered the issue of debatable nature and cited legal precedents stating that penalties cannot be imposed on such matters. Emphasizing the importance of judicial discretion and bonafide belief in statutory obligations, the Tribunal dismissed the revenue's appeal, concluding that penalties should not be imposed for technical breaches or honest mistakes. Case-Laws Income Tax Wed, 25 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185449