https://www.taxtmi.com/caselaws?id=366887 The Tribunal upheld the CIT(A)'s decision, dismissing the Revenue's appeals. It found that the assessee's belief in claiming depreciation on assets acquired through capital contributions was genuine. The Tribunal concurred with the view that penalty under Section 271(1)(c) was unwarranted as there was no intent to conceal income or provide inaccurate particulars, citing the Supreme Court's precedent. Consequently, the penalty was deleted, and the Revenue's appeals were rejected. en-us Fri, 07 Sep 2018 00:00:00 +0530 Wed, 12 Sep 2018 12:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366887 The Tribunal upheld the CIT(A)'s decision, dismissing the Revenue's appeals. It found that the assessee's belief in claiming depreciation on assets acquired through capital contributions was genuine. The Tribunal concurred with the view that penalty under Section 271(1)(c) was unwarranted as there was no intent to conceal income or provide inaccurate particulars, citing the Supreme Court's precedent. Consequently, the penalty was deleted, and the Revenue's appeals were rejected. Case-Laws Income Tax Fri, 07 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366887