https://www.taxtmi.com/caselaws?id=764496 The ITAT Mumbai held that penalty under section 271(1)(c) was not leviable for disallowance of depreciation where the assessee had inadvertently claimed it without deliberate intention to make inaccurate claims. The assessee voluntarily conceded the erroneous claim and withdrew the ground before CIT(A), demonstrating bona fide conduct. Following SC precedent in Pricewaterhouse Coopers case, no penalty applies for inadvertent human error. The assessee's subsequent actions of not claiming similar depreciation in later years and voluntary correction before CIT(A) evidenced lack of intent to make incorrect claims. The penalty was deleted in favor of the assessee. en-us Mon, 02 Dec 2024 00:00:00 +0530 Fri, 10 Jan 2025 15:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764496 The ITAT Mumbai held that penalty under section 271(1)(c) was not leviable for disallowance of depreciation where the assessee had inadvertently claimed it without deliberate intention to make inaccurate claims. The assessee voluntarily conceded the erroneous claim and withdrew the ground before CIT(A), demonstrating bona fide conduct. Following SC precedent in Pricewaterhouse Coopers case, no penalty applies for inadvertent human error. The assessee's subsequent actions of not claiming similar depreciation in later years and voluntary correction before CIT(A) evidenced lack of intent to make incorrect claims. The penalty was deleted in favor of the assessee. Case-Laws Income Tax Mon, 02 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764496