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2012 (10) TMI 898 - AT - Income TaxPenalty u/s 271(1)(c) - dis-allowances on account of excess depreciation on farm house and commercial flats - Held that:- On perusal of penalty order it is found that not even a whisper has been made in the penalty order as to which specific particulars were furnished inaccurate or were concealed. Mere erroneous claim in the absence of any concealment or furnishing of inaccurate particulars, is no ground for levying penalty, especially when there is nothing on record to show that the explanation offered by the assessee was not bona fide or any material particulars were concealed or furnished inaccurate. In the instant case, the assessee discharged the onus cast on it in terms of explanation 1 to sec. 271(1)(c) and there is nothing to suggest that the assessee furnished any inaccurate particulars or concealed the particulars. Admittedly, the claim for deduction of depreciation was there in the documents forwarded with the return. penalty is directed to be deleted - Decided in favor of assessee
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