https://www.taxtmi.com/caselaws?id=795528 Penalty for inaccurate particulars was not leviable where depreciation was mistakenly claimed on assets funded by government grants, whose actual cost was treated as nil. The note states that the assessee voluntarily accepted the disallowance, its entire income was exempt, and depreciation charged under applicable financial regulations did not affect tax liability. As the omission to apply the depreciation restriction was bona fide and inadvertent, without wilful suppression or a deliberate attempt to reduce tax, the incorrect claim did not warrant penalty under Section 271(1)(c). en-us Thu, 02 Jul 2026 00:00:00 +0530 Thu, 23 Jul 2026 08:42:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=795528 Penalty for inaccurate particulars was not leviable where depreciation was mistakenly claimed on assets funded by government grants, whose actual cost was treated as nil. The note states that the assessee voluntarily accepted the disallowance, its entire income was exempt, and depreciation charged under applicable financial regulations did not affect tax liability. As the omission to apply the depreciation restriction was bona fide and inadvertent, without wilful suppression or a deliberate attempt to reduce tax, the incorrect claim did not warrant penalty under Section 271(1)(c). Case-Laws Income Tax Thu, 02 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795528