Assessee's Depreciation Claim Deemed Bona Fide; No Penalty u/s 271(1)(c) for Inaccurate Details or Income Concealment.

Assessee's Depreciation Claim Deemed Bona Fide; No Penalty u/s 271(1)(c) for Inaccurate Details or Income Concealment. https://www.taxtmi.com/highlights?id=41374 Penalty u/s 271(1)(c) - The assessee’s belief that assessee was entitled for depreciation out of purchase made from capital contribution received from Government was bonafide. - no case is there for furnishing of inaccurate particulars of income or concealment of income. en-us Wed, 12 Sep 2018 12:40:37 +0530 Wed, 12 Sep 2018 12:40:37 +0530 TaxTMI RSS Generator Assessee's Depreciation Claim Deemed Bona Fide; No Penalty u/s 271(1)(c) for Inaccurate Details or Income Concealment. https://www.taxtmi.com/highlights?id=41374 Penalty u/s 271(1)(c) - The assessee’s belief that assessee was entitled for depreciation out of purchase made from capital contribution received from Government was bonafide. - no case is there for furnishing of inaccurate particulars of income or concealment of income. Highlights Income Tax Wed, 12 Sep 2018 12:40:37 +0530 https://www.taxtmi.com/highlights?id=41374