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2016 (3) TMI 646 - AT - Income TaxPenalty u/s 271(1)( c) - depreciation on assets claimed at a higher value - Held that:- Admittedly in the case before us, the assessee was in receipt of capital subsidy which had to be adjusted against the cost of assets purchased during the year and the depreciation on such assets had to be allowed on reduced value. The assessee had declared the complete information in respect of the said transaction in the return of income. However, under bona fide impression, the depreciation on assets had been claimed at a higher value but that itself would not establish that the assessee had furnished inaccurate particulars of income. The claim made by the assessee was bona fide. Where the assessee had submitted complete information and merely because the claim of depreciation had been made on a higher figure, does not make the assessee exigible to levy of penalty under section 271(1 )(c) of the Act. - Decided in favour of assessee
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