https://www.taxtmi.com/caselaws?id=355784 The Tribunal allowed the assessee's appeal, setting aside the CIT(A)'s order and dismissing the revenue's appeal. It held that the penalty under section 271(1)(c) was not warranted as the appellant had provided complete details despite potential ineligibility for depreciation. The Tribunal emphasized that incorrect legal claims do not constitute inaccurate particulars of income, and mere disallowance of expenses by the Assessing Officer does not automatically attract the penalty. The legislative intent was not to penalize every unaccepted claim, leading to the dismissal of the revenue's appeal. en-us Thu, 11 Jan 2018 00:00:00 +0530 Mon, 19 Feb 2018 08:44:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355784 The Tribunal allowed the assessee's appeal, setting aside the CIT(A)'s order and dismissing the revenue's appeal. It held that the penalty under section 271(1)(c) was not warranted as the appellant had provided complete details despite potential ineligibility for depreciation. The Tribunal emphasized that incorrect legal claims do not constitute inaccurate particulars of income, and mere disallowance of expenses by the Assessing Officer does not automatically attract the penalty. The legislative intent was not to penalize every unaccepted claim, leading to the dismissal of the revenue's appeal. Case-Laws Income Tax Thu, 11 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355784