https://www.taxtmi.com/caselaws?id=285115 The Tribunal upheld the Ld. CIT(A)'s decision to delete the penalty of ? 17,12,639/- imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the assessee's claim for higher depreciation on the UID Kit, considering it as part of the computer system, was made in good faith and based on judicial precedents. As the claim was debatable and made without any intention to conceal income, the penalty was deemed unwarranted. Consequently, the Revenue's appeal was dismissed. en-us Tue, 11 Jul 2017 00:00:00 +0530 Fri, 27 Dec 2019 06:51:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285115 The Tribunal upheld the Ld. CIT(A)'s decision to delete the penalty of ? 17,12,639/- imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the assessee's claim for higher depreciation on the UID Kit, considering it as part of the computer system, was made in good faith and based on judicial precedents. As the claim was debatable and made without any intention to conceal income, the penalty was deemed unwarranted. Consequently, the Revenue's appeal was dismissed. Case-Laws Income Tax Tue, 11 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285115