https://www.taxtmi.com/highlights?id=84784 No penalty u/s 271(1)(c) was imposed on the assessee for disallowance of depreciation. The ITAT held that the assessee did not deliberately claim depreciation with an intention to make an inaccurate claim, as evidenced by the voluntary withdrawal of the ground before the CIT(A) and non-claiming of depreciation in subsequent years. The ITAT relied on the Supreme Court's decision in CIT vs. Pricewaterhouse Coopers Pvt. Ltd., which held that no penalty u/s 271(1)(c) would be imposed for a bona fide, inadvertent, or human error. The ITAT ruled in favor of the assessee. en-us Sat, 11 Jan 2025 08:46:29 +0530 Sat, 11 Jan 2025 08:46:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=84784 No penalty u/s 271(1)(c) was imposed on the assessee for disallowance of depreciation. The ITAT held that the assessee did not deliberately claim depreciation with an intention to make an inaccurate claim, as evidenced by the voluntary withdrawal of the ground before the CIT(A) and non-claiming of depreciation in subsequent years. The ITAT relied on the Supreme Court's decision in CIT vs. Pricewaterhouse Coopers Pvt. Ltd., which held that no penalty u/s 271(1)(c) would be imposed for a bona fide, inadvertent, or human error. The ITAT ruled in favor of the assessee. Highlights Income Tax Sat, 11 Jan 2025 08:46:29 +0530 https://www.taxtmi.com/highlights?id=84784