https://www.taxtmi.com/caselaws?id=434076 The ITAT partially allowed the appeal, deleting the penalty for the incorrect claim of depreciation of Rs. 15,31,989 as it was based on auditors' working and considered bona fide. The penalty for the disallowed depreciation of Rs. 2,09,559 was upheld but reduced to 100% from 111.5%. The issue regarding the failure to specify grounds in the notice under section 271(1)(c) was remitted to the CIT(A) but dismissed without proper consideration. The decision was pronounced on 27.01.2023. en-us Fri, 27 Jan 2023 00:00:00 +0530 Thu, 16 Feb 2023 10:30:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434076 The ITAT partially allowed the appeal, deleting the penalty for the incorrect claim of depreciation of Rs. 15,31,989 as it was based on auditors' working and considered bona fide. The penalty for the disallowed depreciation of Rs. 2,09,559 was upheld but reduced to 100% from 111.5%. The issue regarding the failure to specify grounds in the notice under section 271(1)(c) was remitted to the CIT(A) but dismissed without proper consideration. The decision was pronounced on 27.01.2023. Case-Laws Income Tax Fri, 27 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434076