https://www.taxtmi.com/caselaws?id=360193 The tribunal allowed the appeal, ordering the deletion of the penalty levied by the Assessing Officer under Section 271(1)(c) to the tune of Rs. 30,40,000. The assessee successfully demonstrated that the excess depreciation claim was made in good faith based on legal advice, and the explanation provided was deemed bonafide and plausible. The tribunal held that the assessee had furnished true and complete particulars of income, and the claim for excess depreciation was based on a genuine belief, thus exempting it from penalty provisions. en-us Thu, 10 May 2018 00:00:00 +0530 Fri, 11 May 2018 08:38:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360193 The tribunal allowed the appeal, ordering the deletion of the penalty levied by the Assessing Officer under Section 271(1)(c) to the tune of Rs. 30,40,000. The assessee successfully demonstrated that the excess depreciation claim was made in good faith based on legal advice, and the explanation provided was deemed bonafide and plausible. The tribunal held that the assessee had furnished true and complete particulars of income, and the claim for excess depreciation was based on a genuine belief, thus exempting it from penalty provisions. Case-Laws Income Tax Thu, 10 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360193