https://www.taxtmi.com/caselaws?id=470311 Penalty for furnishing inaccurate particulars was not leviable where a government-funded educational institution claimed depreciation on assets acquired through government grants. The depreciation was recorded under prescribed governmental financial regulations, audited by the CAG, and initially accepted in scrutiny assessment. Its later disallowance in reassessment did not establish concealment or inaccurate particulars on the stated facts. The institution's entitlement to full exemption was not negated by its failure to claim exemption in a loss return. The depreciation claim was treated as a bona fide, inadvertent computation error, so deletion of the penalty was sustained. en-us Mon, 22 Dec 2025 00:00:00 +0530 Wed, 22 Jul 2026 20:59:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470311 Penalty for furnishing inaccurate particulars was not leviable where a government-funded educational institution claimed depreciation on assets acquired through government grants. The depreciation was recorded under prescribed governmental financial regulations, audited by the CAG, and initially accepted in scrutiny assessment. Its later disallowance in reassessment did not establish concealment or inaccurate particulars on the stated facts. The institution's entitlement to full exemption was not negated by its failure to claim exemption in a loss return. The depreciation claim was treated as a bona fide, inadvertent computation error, so deletion of the penalty was sustained. Case-Laws Income Tax Mon, 22 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470311