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2023 (10) TMI 556 - ITAT DELHIPenalty u/s 271(1)(c) - Additional depreciation on replacement of machinery - Claim denied as additional depreciation is eligible only for the new plant and machinery and not on the replacement of parts of the machinery - difference of opinion as to whether the additional depreciation is allowable on replacement of parts of machinery or not? - HELD THAT:- As decided in the case of Reliance Petro Product [2010 (3) TMI 80 - SUPREME COURT] held that mere making a claim which is not sustainable in law by itself will not amount to furnishing of inaccurate particulars regarding the income of the assessee. Here is a case where the assessee made a conscious claim and has given a bonafide explanation before AO as well as CIT (Appeals). Simply because the claim of the assessee is not sustained by the authorities, it cannot be held that the assessee has furnished inaccurate particulars of income so as to attract the penalty u/s 271(1)(c) - In the circumstances the Assessing Officer is directed to delete the penalty levied u/s 271(1)(c) - Appeals of the assessee are allowed.
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