https://www.taxtmi.com/caselaws?id=354922 The Tribunal dismissed the Revenue's appeals against the deletion of a penalty imposed under section 271(1)(c) of the Income Tax Act for claiming depreciation on building. The Tribunal held that the disallowance of depreciation was a bonafide mistake, not intentional tax evasion, as the claim was based on professional advice and previous assessment history. Emphasizing the importance of genuine errors and reliance on professional guidance, the Tribunal concluded that the penalty was unjustified and directed a fresh assessment with a fair opportunity for the assessee to present their case. en-us Tue, 23 Jan 2018 00:00:00 +0530 Wed, 07 Feb 2018 08:21:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354922 The Tribunal dismissed the Revenue's appeals against the deletion of a penalty imposed under section 271(1)(c) of the Income Tax Act for claiming depreciation on building. The Tribunal held that the disallowance of depreciation was a bonafide mistake, not intentional tax evasion, as the claim was based on professional advice and previous assessment history. Emphasizing the importance of genuine errors and reliance on professional guidance, the Tribunal concluded that the penalty was unjustified and directed a fresh assessment with a fair opportunity for the assessee to present their case. Case-Laws Income Tax Tue, 23 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354922