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2023 (7) TMI 996 - GUJARAT HIGH COURTPenalty u/s. 271(1)(c) - furnishing of inaccurate particulars of income in the return of income filed - excess depreciation claimed having been surrendered by the assessee - HELD THAT:- In the present case, the revenue has failed to establish that there was a concealment of particulars of the income of the assessee. The revenue has also failed to establish that the assessee had furnished inaccurate particulars of its income. ITAT has observed that the addition made in the impugned case on account of excess depreciation claimed having been surrendered by the assessee itself without any prior detection of the Revenue and the excess claim having been demonstrated to have been made for the bonafide reasons and hence, the learned ITAT has held that the case is not for the levy of penalty. It is further observed by the learned ITAT that the assessee itself to align its books of accounts with MCA notification disclosed all particulars relating to the excess claim. In view of the totality of the facts and decisions rendered in the case of M/s. Bell Ceramics Limited [2021 (7) TMI 747 - GUJARAT HIGH COURT] we are of the considered opinion that in the present case, no substantial question of law arises for consideration.
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