https://www.taxtmi.com/caselaws?id=795528 Penalty for inaccurate particulars was not leviable where depreciation was mistakenly claimed on assets acquired from government grants, whose actual cost was nil for tax purposes. The depreciation claim was disallowed, but the taxpayer voluntarily accepted the disallowance and its entire income was statutorily exempt, so the accounting charge did not affect tax liability. The omission to apply the restriction on depreciation was bona fide and inadvertent, with no wilful suppression or deliberate attempt to reduce tax. Accordingly, the incorrect claim did not justify 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 acquired from government grants, whose actual cost was nil for tax purposes. The depreciation claim was disallowed, but the taxpayer voluntarily accepted the disallowance and its entire income was statutorily exempt, so the accounting charge did not affect tax liability. The omission to apply the restriction on depreciation was bona fide and inadvertent, with no wilful suppression or deliberate attempt to reduce tax. Accordingly, the incorrect claim did not justify 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