https://www.taxtmi.com/caselaws?id=186120 The Tribunal ruled in favor of the appellant, canceling the penalty imposed under section 271(1)(c) of the I.T. Act. The appellant's claim for additional depreciation was disallowed, leading to penalty proceedings. However, the Tribunal found that the appellant's actions were not indicative of concealment of income or furnishing inaccurate particulars. Considering the bonafide nature of the claim and the set off of carried forward unabsorbed depreciation resulting in Nil income, the Tribunal concluded that the penalty was unwarranted. en-us Wed, 19 Jan 2011 00:00:00 +0530 Wed, 07 Sep 2016 17:33:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186120 The Tribunal ruled in favor of the appellant, canceling the penalty imposed under section 271(1)(c) of the I.T. Act. The appellant's claim for additional depreciation was disallowed, leading to penalty proceedings. However, the Tribunal found that the appellant's actions were not indicative of concealment of income or furnishing inaccurate particulars. Considering the bonafide nature of the claim and the set off of carried forward unabsorbed depreciation resulting in Nil income, the Tribunal concluded that the penalty was unwarranted. Case-Laws Income Tax Wed, 19 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186120