https://www.taxtmi.com/caselaws?id=367440 The High Court upheld the Tribunal's decision to set aside the penalty imposed by the CIT (A) and directed the Assessing Officer to delete the penalty on the disallowed depreciation claim for plant and machinery for Assessment Year 2004-05. The High Court found the Respondent's explanation for the excess depreciation claim to be bonafide, considering the common practice of preparing depreciation charts based on previous figures. The Court concluded that no substantial question of law arose from the Tribunal's decision and dismissed the appeal challenging the penalty order. en-us Wed, 08 Aug 2018 00:00:00 +0530 Thu, 20 Sep 2018 08:23:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367440 The High Court upheld the Tribunal's decision to set aside the penalty imposed by the CIT (A) and directed the Assessing Officer to delete the penalty on the disallowed depreciation claim for plant and machinery for Assessment Year 2004-05. The High Court found the Respondent's explanation for the excess depreciation claim to be bonafide, considering the common practice of preparing depreciation charts based on previous figures. The Court concluded that no substantial question of law arose from the Tribunal's decision and dismissed the appeal challenging the penalty order. Case-Laws Income Tax Wed, 08 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367440