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2015 (5) TMI 514 - AT - Income TaxPenalty under section 271(1)(c) - wrong claim of the depreciation in respect of fixed assets - Held that:- when the assessee itself reversed its overstated claim of depreciation in the subsequent return, when the mistake of over statement of claim of depreciation was pointed out by the C&AG report, voluntarily and the Assessing Officer raised query subsequent to voluntarily reversed of the said claim then act of conscious and malafidely furnishing of inaccurate particulars of income or concealment of particulars of income cannot be attributed to the assessee public sector undertaking. Therefore, in view of foregoing discussions, we hold that the explanation offered by the assessee was sustainable and bona fide and therefore, penalty u/s 271(1)(c) of the Act is not imposeable on the assessee. Thus AO is directed to delete the impugned penalty levied on the assessee u/s 271(1)(c) of the Act. - Decided in favour of assessee.
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