https://www.taxtmi.com/caselaws?id=447441 ITAT Mumbai upheld CIT(A)'s deletion of penalty u/s 270A for under-reporting income. Assessee failed to reduce insurance claim from block of assets, resulting in excess depreciation claim. However, assessee declared huge loss and was not in advantageous position to claim higher depreciation. Following SC precedent in Reliance Petro Products and Bombay HC decision in Somany Evergreen Knits, tribunal held excess depreciation claim was bona fide mistake, not concealment of income warranting penalty. en-us Fri, 22 Dec 2023 00:00:00 +0530 Tue, 26 Dec 2023 08:37:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447441 ITAT Mumbai upheld CIT(A)'s deletion of penalty u/s 270A for under-reporting income. Assessee failed to reduce insurance claim from block of assets, resulting in excess depreciation claim. However, assessee declared huge loss and was not in advantageous position to claim higher depreciation. Following SC precedent in Reliance Petro Products and Bombay HC decision in Somany Evergreen Knits, tribunal held excess depreciation claim was bona fide mistake, not concealment of income warranting penalty. Case-Laws Income Tax Fri, 22 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447441