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2014 (2) TMI 1270 - AT - Income TaxPenalty u/s 271(1)(c) - incorrect claim of depreciation - Held that:- The assessee furnished all the details relating to the assets i.e. the truck and claimed the depreciation. However, merely on the basis that an incorrect claim of depreciation was made by the assessee, it cannot be said that it was a case of furnishing of inaccurate particulars or concealment of income. Thus we are of the view that it is not a fit case for levying the penalty under section 271(1)(c) of the Act. - Decided in favour of assessee.
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