https://www.taxtmi.com/caselaws?id=376982 The High Court ruled in favor of the assessee, setting aside the penalty imposed under Section 271(1)(c) of the Income Tax Act. The Court emphasized the lack of conscious concealment or deliberate filing of inaccurate particulars, highlighting that the assessee's withdrawal of the depreciation claim did not imply guilt. The Court underscored the importance of providing a bona fide explanation and criticized the Revenue for failing to prove guilty animus. The Court ordered a refund with interest if the penalty had already been recovered, without awarding costs. en-us Thu, 07 Feb 2019 00:00:00 +0530 Fri, 26 Apr 2019 10:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376982 The High Court ruled in favor of the assessee, setting aside the penalty imposed under Section 271(1)(c) of the Income Tax Act. The Court emphasized the lack of conscious concealment or deliberate filing of inaccurate particulars, highlighting that the assessee's withdrawal of the depreciation claim did not imply guilt. The Court underscored the importance of providing a bona fide explanation and criticized the Revenue for failing to prove guilty animus. The Court ordered a refund with interest if the penalty had already been recovered, without awarding costs. Case-Laws Income Tax Thu, 07 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376982