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2019 (3) TMI 733 - ITAT MUMBAIPenalty u/s 271(1)(c) - disallowance depreciation on building let out - Assessee accepted its mistake and agreed for the disallowance depreciation - revised subsequent year return also - bonafide mistake - HELD THAT:- Undisputedly, the assessee has wrongly claimed depreciation on the building let out by it. The facts on record reveal that similar claim was made by the assessee in preceding assessment years as well. Further, it is seen from the materials placed before us, the return of income filed by the assessee for assessment year 2014–15 claiming depreciation was subsequently revised disallowing the depreciation. Further, in the return of income filed for the assessment year 2015–16, the assessee has not claimed any depreciation. Keeping in view the aforesaid facts, assessee’s explanation that depreciation claimed in the impugned assessment year was due to an inadvertent and bonafide mistake is acceptable. That being the case, we are inclined to delete the penalty imposed under section 271(1)(c) - Decided in favour of assessee.
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