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2005 (11) TMI 56 - HC - Income TaxPenalty under section 271(1)(c) - "1. Whether Tribunal had enough material to hold that the claim for depreciation and investment allowance on machinery was due to the bona fide mistake? - authorities below have concurrently held that when the mistake was pointed out, the assessee had withdrawn his claim for depreciation and investment allowance on the machinery and filed a revised return and this action of the assessee shows their bona fides. It is also not the case of the Revenue that the assessee had the mala fide intention of furnishing inaccurate particulars with a view to falsely claiming depreciation and allowances to evade taxes.- Tribunal had enough materials to hold that the claim for depreciation and investment allowance on machinery was only due to bona fide mistake - hence, Tribunal was right in quashing the penalty under section 271(1)(c)
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