https://www.taxtmi.com/caselaws?id=311777 Penalty under Section 271(1)(c) was not leviable where the assessee had made full disclosure of material particulars and advanced a bona fide depreciation claim on leased assets. The disallowance of the claim in assessment did not, by itself, establish concealment or furnishing of inaccurate particulars, because the dispute concerned the legal sustainability of the deduction rather than suppression of income. The Bombay HC upheld deletion of the penalty and confirmed that a disclosed, bona fide claim rejected in law does not attract penal consequences. en-us Mon, 22 Apr 2019 00:00:00 +0530 Fri, 12 Jan 2024 08:42:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311777 Penalty under Section 271(1)(c) was not leviable where the assessee had made full disclosure of material particulars and advanced a bona fide depreciation claim on leased assets. The disallowance of the claim in assessment did not, by itself, establish concealment or furnishing of inaccurate particulars, because the dispute concerned the legal sustainability of the deduction rather than suppression of income. The Bombay HC upheld deletion of the penalty and confirmed that a disclosed, bona fide claim rejected in law does not attract penal consequences. Case-Laws Income Tax Mon, 22 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311777