https://www.taxtmi.com/caselaws?id=415439 The High Court affirmed the decision of the ITAT and CIT Appeals, ruling that the disallowance of a depreciation claim did not warrant a penalty under Section 271(1)(c) of the Income Tax Act. The Court emphasized that merely making an incorrect claim does not amount to concealment of income. It was held that the assessee had fully disclosed the claim, and there was no evidence of concealment or furnishing inaccurate particulars. The Court dismissed the revenue's appeal, highlighting that penalty provisions require clear proof of concealment or inaccuracies. en-us Mon, 11 Oct 2021 00:00:00 +0530 Thu, 28 Apr 2022 18:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415439 The High Court affirmed the decision of the ITAT and CIT Appeals, ruling that the disallowance of a depreciation claim did not warrant a penalty under Section 271(1)(c) of the Income Tax Act. The Court emphasized that merely making an incorrect claim does not amount to concealment of income. It was held that the assessee had fully disclosed the claim, and there was no evidence of concealment or furnishing inaccurate particulars. The Court dismissed the revenue's appeal, highlighting that penalty provisions require clear proof of concealment or inaccuracies. Case-Laws Income Tax Mon, 11 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415439