https://www.taxtmi.com/caselaws?id=58288 The Tribunal canceled the penalty imposed under section 271(1)(c) on a public limited company in the cement industry for false claims of higher depreciation. The Tribunal found the revisions in depreciation claims were due to inadvertence and lack of proper application of mind, not with a mala fide intention. Similarly, penalties were not justified for other instances of inadvertent errors in depreciation claims on Extra Shift Allowance, Pollution Control Equipment, and Dumpers. The appeal was allowed, emphasizing the absence of deceptive intent in the assessee's actions. en-us Wed, 31 May 1989 00:00:00 +0530 Sat, 18 Dec 2010 13:11:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58288 The Tribunal canceled the penalty imposed under section 271(1)(c) on a public limited company in the cement industry for false claims of higher depreciation. The Tribunal found the revisions in depreciation claims were due to inadvertence and lack of proper application of mind, not with a mala fide intention. Similarly, penalties were not justified for other instances of inadvertent errors in depreciation claims on Extra Shift Allowance, Pollution Control Equipment, and Dumpers. The appeal was allowed, emphasizing the absence of deceptive intent in the assessee's actions. Case-Laws Income Tax Wed, 31 May 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58288