https://www.taxtmi.com/caselaws?id=409252 The Tribunal upheld the decision to delete the penalty imposed under section 271(1)(c) of the Income-tax Act for the assessment year 2009-10. The penalty was initially imposed due to the disallowance of depreciation claimed by the assessee, but it was found that the claim of carry forward of business loss was involuntary and not intentional. The Tribunal emphasized that there was no concealment of income or furnishing of inaccurate particulars of income by the assessee, leading to the dismissal of the Revenue's appeal and upholding the deletion of the penalty. en-us Wed, 30 Jun 2021 00:00:00 +0530 Sat, 03 Jul 2021 08:56:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409252 The Tribunal upheld the decision to delete the penalty imposed under section 271(1)(c) of the Income-tax Act for the assessment year 2009-10. The penalty was initially imposed due to the disallowance of depreciation claimed by the assessee, but it was found that the claim of carry forward of business loss was involuntary and not intentional. The Tribunal emphasized that there was no concealment of income or furnishing of inaccurate particulars of income by the assessee, leading to the dismissal of the Revenue's appeal and upholding the deletion of the penalty. Case-Laws Income Tax Wed, 30 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409252