https://www.taxtmi.com/caselaws?id=305200 The penalty imposed on the assessee for disallowance of depreciation and Section 14A expenses was challenged. The court held that the disallowance based on an estimated basis did not amount to concealment or furnishing inaccurate particulars. The claim for excess depreciation was considered erroneous but not intentional concealment. Citing relevant case law, the court set aside the penalty, ruling in favor of the assessee due to the absence of falsity in the claim. The Assessing Officer was directed to delete the penalty, and the appeal was allowed ex parte. en-us Wed, 20 Jul 2022 00:00:00 +0530 Tue, 22 Nov 2022 09:01:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305200 The penalty imposed on the assessee for disallowance of depreciation and Section 14A expenses was challenged. The court held that the disallowance based on an estimated basis did not amount to concealment or furnishing inaccurate particulars. The claim for excess depreciation was considered erroneous but not intentional concealment. Citing relevant case law, the court set aside the penalty, ruling in favor of the assessee due to the absence of falsity in the claim. The Assessing Officer was directed to delete the penalty, and the appeal was allowed ex parte. Case-Laws Income Tax Wed, 20 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305200