https://www.taxtmi.com/caselaws?id=10835 The High Court of Madhya Pradesh upheld the decision of the Income-tax Appellate Tribunal, ruling that the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, on the assessee was not justified. The Court found that the error in depreciation calculation was a genuine mistake by a new businessman and not a deliberate attempt to conceal income. Emphasizing the need for evidence of deliberate intention for penalty imposition, the Court dismissed the appeal, citing lack of merit and highlighting the importance of considering circumstances before penalizing under tax laws, especially for new businesses or inadvertent errors. en-us Mon, 26 Apr 2004 00:00:00 +0530 Sat, 25 Jul 2009 17:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10835 The High Court of Madhya Pradesh upheld the decision of the Income-tax Appellate Tribunal, ruling that the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, on the assessee was not justified. The Court found that the error in depreciation calculation was a genuine mistake by a new businessman and not a deliberate attempt to conceal income. Emphasizing the need for evidence of deliberate intention for penalty imposition, the Court dismissed the appeal, citing lack of merit and highlighting the importance of considering circumstances before penalizing under tax laws, especially for new businesses or inadvertent errors. Case-Laws Income Tax Mon, 26 Apr 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10835