https://www.taxtmi.com/caselaws?id=404777 ITAT Delhi dismissed Revenue's appeal regarding penalty u/s 271(1)(c) imposed for disallowance of depreciation on computers and expenses. CIT(A) had deleted the penalty addition. ITAT held that mere disallowance of expenses claimed during BIFR proceedings and proportionate depreciation disallowance cannot attract penalty provisions. AO failed to prove concealment of material facts or lack of bona fide on assessee's part. Following SC precedent in Reliance Petro Product Ltd., mere rejection of claim cannot invite penalty u/s 271(1)(c). en-us Wed, 06 Jan 2021 00:00:00 +0530 Sat, 10 May 2025 11:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404777 ITAT Delhi dismissed Revenue's appeal regarding penalty u/s 271(1)(c) imposed for disallowance of depreciation on computers and expenses. CIT(A) had deleted the penalty addition. ITAT held that mere disallowance of expenses claimed during BIFR proceedings and proportionate depreciation disallowance cannot attract penalty provisions. AO failed to prove concealment of material facts or lack of bona fide on assessee's part. Following SC precedent in Reliance Petro Product Ltd., mere rejection of claim cannot invite penalty u/s 271(1)(c). Case-Laws Income Tax Wed, 06 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404777