https://www.taxtmi.com/caselaws?id=187164 The Tribunal dismissed the Revenue's appeal and canceled the penalty imposed under section 271(1)(c) for the assessment year 1996-97. The Tribunal emphasized the lack of wilful neglect or fraud by the assessee in withdrawing the depreciation claim and the necessity for the Assessing Officer to record satisfaction before initiating penalty proceedings. The decision upheld the CIT(A)'s ruling, highlighting the absence of mens rea for concealment and supporting evidence of the building's business use. en-us Mon, 14 Jun 2004 00:00:00 +0530 Wed, 12 Oct 2016 15:18:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187164 The Tribunal dismissed the Revenue's appeal and canceled the penalty imposed under section 271(1)(c) for the assessment year 1996-97. The Tribunal emphasized the lack of wilful neglect or fraud by the assessee in withdrawing the depreciation claim and the necessity for the Assessing Officer to record satisfaction before initiating penalty proceedings. The decision upheld the CIT(A)'s ruling, highlighting the absence of mens rea for concealment and supporting evidence of the building's business use. Case-Laws Income Tax Mon, 14 Jun 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187164