2004 (4) TMI 28

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..... e while calculating depreciation on the assets of the assessee. It was found that the assessee is a new businessman and he could only claim depreciation for a fraction of the year and not for the full year-that being the first year of starting the production as claimed by the assessee. We do not find that such can be a good ground for imposition of a penalty by the taxing authorities. - We thus co .....

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..... ion 260A of the Income-tax Act, 1961. The only question which is involved in the appeal is whether the Tribunal was justified in holding that the penalty imposed upon the assessee by the Assessing Officer under section 271(1)(c) of the Income-tax Act, 1961, was not proper. In the opinion of the Tribunal and in our opinion rightly, it was a case of a bona fide mistake rather than a deliberate mis .....

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