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2019 (5) TMI 1005 - HC - Income TaxLevy of penalty u/s 271 (1) (c) - depreciation on hospital building - CIT (Appeals) allowed the appeal holding that the assessee had not furnished any material particulars of the income which could be said to be inaccurate confirmed by ITAT - HELD THAT:- Assessee’s claim of depreciation at 10% is under the bonafide belief that as the residential quarters were utilized for the hospital purpose and formed part and parcel of hospital premises, the same would be eligible depreciation as hospital building. The assessee has huge loss and therefore there cannot be malafide intention to make such excess claim to evade tax. Besides the assessee had not furnished any material particulars of income which could be said to be inaccurate. It is well settled principle that a mere making of a bonafide claim would not amount to furnishing of inaccurate particulars of income. It is clear that the two authorities viz., CIT (Appeals) and the Tribunal have recorded findings of fact for setting aside the penalty under Section 271 (1) (c) . Hence no substantial question of law arises for consideration. Therefore, the appeal is dismissed.
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