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2004 (4) TMI 28 - HC - Income TaxPenalty u/s 271(1)(c) - Tribunal holding that the penalty imposed upon the assessee by the Assessing Officer u/s 271(1)(c) was not proper - it was a case of a bona fide mistake rather than a deliberate mistake on the part of the assessee while calculating depreciation on the assets of the assessee. It was found that the assessee is a new businessman and he could only claim depreciation for a fraction of the year and not for the full year-that being the first year of starting the production as claimed by the assessee. We do not find that such can be a good ground for imposition of a penalty by the taxing authorities. - We thus concur with the view so recorded by the Tribunal and hold that this does not involve any substantial question of law.
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