https://www.taxtmi.com/caselaws?id=191836 The Tribunal dismissed the Revenue's appeal against the penalty imposed on the Assessee under section 271(1)(c) of the IT Act for the assessment year 1997-1998. The penalty was deleted by the CIT(A) considering the inadvertent nature of the depreciation claim, citing precedents and emphasizing that the mistake was bona fide and did not amount to concealment of income. The Tribunal upheld the CIT(A)'s decision, highlighting that the withdrawal of the depreciation claim upon realization of the error justified the deletion of the penalty, in line with established legal principles. en-us Mon, 05 Dec 2016 00:00:00 +0530 Wed, 26 Apr 2017 11:21:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191836 The Tribunal dismissed the Revenue's appeal against the penalty imposed on the Assessee under section 271(1)(c) of the IT Act for the assessment year 1997-1998. The penalty was deleted by the CIT(A) considering the inadvertent nature of the depreciation claim, citing precedents and emphasizing that the mistake was bona fide and did not amount to concealment of income. The Tribunal upheld the CIT(A)'s decision, highlighting that the withdrawal of the depreciation claim upon realization of the error justified the deletion of the penalty, in line with established legal principles. Case-Laws Income Tax Mon, 05 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191836