https://www.taxtmi.com/caselaws?id=782209 HC dismissed the Revenue's appeal and upheld the Tribunal's deletion of penalty levied under section 271(1)(c) for alleged furnishing of inaccurate particulars of income. It held that in the absence of any finding that the details supplied in the return were incorrect, erroneous, or false, penalty could not be sustained. Regarding the claim of depreciation on land-based drilling platform, HC followed its earlier view that mineral oil wells are to be treated as "plant" and not "building," validating the assessee's claim. Consequently, no concealment or inaccuracy was established, and the assessee's appeal was allowed. en-us Thu, 13 Nov 2025 00:00:00 +0530 Wed, 26 Nov 2025 08:43:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782209 HC dismissed the Revenue's appeal and upheld the Tribunal's deletion of penalty levied under section 271(1)(c) for alleged furnishing of inaccurate particulars of income. It held that in the absence of any finding that the details supplied in the return were incorrect, erroneous, or false, penalty could not be sustained. Regarding the claim of depreciation on land-based drilling platform, HC followed its earlier view that mineral oil wells are to be treated as "plant" and not "building," validating the assessee's claim. Consequently, no concealment or inaccuracy was established, and the assessee's appeal was allowed. Case-Laws Income Tax Thu, 13 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782209