https://www.taxtmi.com/caselaws?id=272449 The Tribunal found that the penalty imposed under section 271(1)(c) of the Income Tax Act was unjustified as the appellant's error in claiming depreciation was inadvertent. The appellant promptly rectified the mistake by adding the amount to the total income upon realization. Emphasizing the absence of any misrepresentation and citing relevant case law, the Tribunal concluded that inadvertent errors do not warrant penalties under the Act. Consequently, the penalty was deleted, and the appellant's appeal was allowed. en-us Thu, 03 Mar 2016 00:00:00 +0530 Fri, 04 May 2018 08:52:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272449 The Tribunal found that the penalty imposed under section 271(1)(c) of the Income Tax Act was unjustified as the appellant's error in claiming depreciation was inadvertent. The appellant promptly rectified the mistake by adding the amount to the total income upon realization. Emphasizing the absence of any misrepresentation and citing relevant case law, the Tribunal concluded that inadvertent errors do not warrant penalties under the Act. Consequently, the penalty was deleted, and the appellant's appeal was allowed. Case-Laws Income Tax Thu, 03 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272449