https://www.taxtmi.com/caselaws?id=305705 The appeal against the deletion of a penalty for a wrong claim of depreciation was dismissed by the Court. The Tribunal's decision to overturn the penalty was upheld as it found no concealment of income or furnishing of inaccurate particulars. The assessee's claim of depreciation on leased assets was considered legitimate, although disallowed, and did not amount to deliberate concealment. The Court agreed that the assessee's actions were based on a genuine belief in compliance with the law, leading to the dismissal of the appeal without costs. en-us Tue, 04 Mar 2014 00:00:00 +0530 Tue, 20 Dec 2022 23:11:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305705 The appeal against the deletion of a penalty for a wrong claim of depreciation was dismissed by the Court. The Tribunal's decision to overturn the penalty was upheld as it found no concealment of income or furnishing of inaccurate particulars. The assessee's claim of depreciation on leased assets was considered legitimate, although disallowed, and did not amount to deliberate concealment. The Court agreed that the assessee's actions were based on a genuine belief in compliance with the law, leading to the dismissal of the appeal without costs. Case-Laws Income Tax Tue, 04 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305705