https://www.taxtmi.com/caselaws?id=424559 The Tribunal held that the imposition of penalty under Section 271(1)(c) of the Income Tax Act was not justified as the excess depreciation claim was made in good faith and reversed voluntarily by the assessee before any detection by the Revenue. The Tribunal directed the deletion of the penalty and allowed the appeal in favor of the assessee. en-us Wed, 29 Jun 2022 00:00:00 +0530 Mon, 04 Jul 2022 09:08:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424559 The Tribunal held that the imposition of penalty under Section 271(1)(c) of the Income Tax Act was not justified as the excess depreciation claim was made in good faith and reversed voluntarily by the assessee before any detection by the Revenue. The Tribunal directed the deletion of the penalty and allowed the appeal in favor of the assessee. Case-Laws Income Tax Wed, 29 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424559