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2014 (9) TMI 1040 - ITAT CHANDIGARHLevy of penalty under section 271(1)(c) - disallowance of depreciation claimed on capital subsidy - Held that:- Admittedly the assessee was in receipt of capital subsidy which had to be adjusted against the cost of assets purchased during the year and the depreciation on such assets had to be allowed on reduced value. The assessee had declared the complete information in respect of the said transaction in the return of income. However, under bonafide impression, the depreciation on assets had been claimed at a higher value but that itself would not establish that the assessee had furnished inaccurate particulars of income. The claim made by the assessee was bonafide. Where the assessee had submitted complete information and merely because the claim of depreciation had been made on a higher figure, does not make the assessee exigible to levy of penalty under section 271(1)(c) of the Act. In the totality of the facts and circumstances, we find no merit in the order of Commissioner of Income Tax (Appeals) in levying the penalty for concealment under section 271 (1) (c) of the Act. - Decided in favour of assessee
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