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2017 (7) TMI 1342 - AT - Income TaxPenalty u/s 271(1)(c) - assessee had claimed excessive depreciation on UID Kit claiming to be part of the computer - Bonafide belief - HELD THAT:- There is no dispute with regard to the position, that the assessment proceedings and penalty proceedings are two different and distinct proceedings. If the assessee is having any plausible explanation with regard to the default and the Act of the assessee is bonafide. In that event the penalty cannot be levied. It is the contention of the assessee that in the present case the assessee under a bonafide belief that UID Kit being a part of computer, therefore, it claimed depreciation at 60%. CIT(A) deleted the penalty finding that the claim was bonfide in view of the judicial pronouncements as relied. In our consider view, there is not infirmity into the order of the Ld. CIT(A) when it is established that the claim was made under the bonafide belief, hence, there was no reason to impose penalty. This ground the Revenue’s appeal is dismissed.
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