https://www.taxtmi.com/caselaws?id=363442 The Tribunal ruled in favor of the assessee, finding that the penalty imposed under section 271(1)(c) for claiming excess depreciation was unjustified. It held that there was no evidence of concealment of income or furnishing inaccurate particulars by the assessee during the assessment proceedings. The Tribunal emphasized that mere incorrect claims, if not proven to be inaccurate, do not warrant a penalty. Consequently, the penalty imposed by the Assessing Officer and upheld by the Ld. CIT(A) was deemed invalid, leading to its deletion and allowing the appeal filed by the assessee. en-us Tue, 10 Jul 2018 00:00:00 +0530 Thu, 12 Jul 2018 08:34:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=363442 The Tribunal ruled in favor of the assessee, finding that the penalty imposed under section 271(1)(c) for claiming excess depreciation was unjustified. It held that there was no evidence of concealment of income or furnishing inaccurate particulars by the assessee during the assessment proceedings. The Tribunal emphasized that mere incorrect claims, if not proven to be inaccurate, do not warrant a penalty. Consequently, the penalty imposed by the Assessing Officer and upheld by the Ld. CIT(A) was deemed invalid, leading to its deletion and allowing the appeal filed by the assessee. Case-Laws Income Tax Tue, 10 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=363442