https://www.taxtmi.com/caselaws?id=346507 Penalty under section 271(1)(c) cannot be sustained when the quantum addition for depreciation on non-existing assets has been deleted, because no basis remains for alleging concealment or inaccurate particulars; the related penalty was deleted. Penalty is also not leviable merely because depreciation claimed after accounting for grants, subsidies and contributions towards asset cost is disallowed under section 32(1)(iii), section 43(1) and Explanation 10. Full disclosure of the relevant facts in the return and financial statements, without any finding that those facts were false, means that rejection of an unsustainable legal claim alone does not establish concealment or furnishing of inaccurate particulars. The penalties were set aside in full. en-us Wed, 09 Aug 2017 00:00:00 +0530 Thu, 17 Aug 2017 08:45:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346507 Penalty under section 271(1)(c) cannot be sustained when the quantum addition for depreciation on non-existing assets has been deleted, because no basis remains for alleging concealment or inaccurate particulars; the related penalty was deleted. Penalty is also not leviable merely because depreciation claimed after accounting for grants, subsidies and contributions towards asset cost is disallowed under section 32(1)(iii), section 43(1) and Explanation 10. Full disclosure of the relevant facts in the return and financial statements, without any finding that those facts were false, means that rejection of an unsustainable legal claim alone does not establish concealment or furnishing of inaccurate particulars. The penalties were set aside in full. Case-Laws Income Tax Wed, 09 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346507