https://www.taxtmi.com/caselaws?id=285562 The tribunal ruled in favor of the assessee, directing the deletion of the penalty of Rs. 7.50 lacs imposed under Section 271(1)(c) of the Income Tax Act. The tribunal found that the claim of higher depreciation on trucks was an inadvertent mistake, with no tax advantage gained, as the assessee revised the claim during assessment proceedings. Citing various case laws and considering the facts, the tribunal concluded that the penalty was unwarranted, allowing the appeal of the assessee. en-us Tue, 16 Aug 2016 00:00:00 +0530 Sat, 18 Jan 2020 09:53:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285562 The tribunal ruled in favor of the assessee, directing the deletion of the penalty of Rs. 7.50 lacs imposed under Section 271(1)(c) of the Income Tax Act. The tribunal found that the claim of higher depreciation on trucks was an inadvertent mistake, with no tax advantage gained, as the assessee revised the claim during assessment proceedings. Citing various case laws and considering the facts, the tribunal concluded that the penalty was unwarranted, allowing the appeal of the assessee. Case-Laws Income Tax Tue, 16 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285562