https://www.taxtmi.com/caselaws?id=367823 The Tribunal upheld the CIT (Appeals) decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act, finding that the appellant acted in good faith and that disallowing a claim does not automatically warrant a penalty for concealment. The disallowance of depreciation on roads was based on a CBDT circular, but the original claim was made in good faith and common industry practice. The circular was issued after the return was filed, and the revised claim was accepted. The judgment dismissed the appeal and pending applications without costs. en-us Tue, 28 Aug 2018 00:00:00 +0530 Wed, 26 Sep 2018 08:50:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367823 The Tribunal upheld the CIT (Appeals) decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act, finding that the appellant acted in good faith and that disallowing a claim does not automatically warrant a penalty for concealment. The disallowance of depreciation on roads was based on a CBDT circular, but the original claim was made in good faith and common industry practice. The circular was issued after the return was filed, and the revised claim was accepted. The judgment dismissed the appeal and pending applications without costs. Case-Laws Income Tax Tue, 28 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367823