https://www.taxtmi.com/caselaws?id=404932 The Tribunal dismissed the Revenue's appeal, upholding the decision to quash the penalty imposed on the assessee under section 271(1)(c) of the Income Tax Act for Assessment Year 2011-2012. The Tribunal found that the penalty was unjustified as the assessee acted in good faith, without any intention to conceal income or furnish inaccurate particulars, supported by a Chartered Accountant's certification. The rejection of the claim for additional depreciation was deemed not to constitute concealment, leading to the penalty being set aside based on precedents and lack of intent to conceal income. en-us Tue, 02 Mar 2021 00:00:00 +0530 Sat, 06 Mar 2021 23:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404932 The Tribunal dismissed the Revenue's appeal, upholding the decision to quash the penalty imposed on the assessee under section 271(1)(c) of the Income Tax Act for Assessment Year 2011-2012. The Tribunal found that the penalty was unjustified as the assessee acted in good faith, without any intention to conceal income or furnish inaccurate particulars, supported by a Chartered Accountant's certification. The rejection of the claim for additional depreciation was deemed not to constitute concealment, leading to the penalty being set aside based on precedents and lack of intent to conceal income. Case-Laws Income Tax Tue, 02 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404932