https://www.taxtmi.com/caselaws?id=418451 The Tribunal allowed the appeal, ruling in favor of the assessee, concluding that the penalty under Section 271(1)(c) of the Income Tax Act was not justified. The Tribunal found merit in the assessee's claim that the depreciation was made in good faith, emphasizing that a bona fide claim, even if disallowed, does not attract penalty. The disallowance of depreciation was not deemed as furnishing inaccurate particulars of income. Consequently, the penalty was deleted, and the appeal was allowed. en-us Thu, 10 Feb 2022 00:00:00 +0530 Thu, 17 Feb 2022 07:44:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418451 The Tribunal allowed the appeal, ruling in favor of the assessee, concluding that the penalty under Section 271(1)(c) of the Income Tax Act was not justified. The Tribunal found merit in the assessee's claim that the depreciation was made in good faith, emphasizing that a bona fide claim, even if disallowed, does not attract penalty. The disallowance of depreciation was not deemed as furnishing inaccurate particulars of income. Consequently, the penalty was deleted, and the appeal was allowed. Case-Laws Income Tax Thu, 10 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418451