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TMI Blog2010 (9) TMI 141X X X X Extracts X X X X X X X X Extracts X X X X ..... the gross block of assets for computing depreciation - assessee had committed a bona-fide mistake in not adding it back while computing the taxable income – Held that: - explanation furnished by the respondent-assessee in the present case is bonafide and as the said finding had not been controverted by the DR before the Tribunal – Appeal is dismissed. - 1318/2010 - - - Dated:- 9-9-2010 - CORAM ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecorded by the Commissioner of Income Tax (Appeals) [in short, "CIT(A)] had not been controverted by the Revenue. With regard to loss on sale of assets, the Tribunal observed that the assessee had duly reduced the sale proceeds from the gross block of assets for computing depreciation. According to the Tribunal, the respondent-assessee had committed a bona-fide mistake in not adding it back while ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs (supra) must be understood to mean that applicability of Section 271(1)(c) would depend upon the existence or otherwise of the conditions expressly stated in the said Section and once the said Section was applicable, the authority concerned would have no discretion in imposing penalty. Consequently, if the assessee is able to bring its case within Explanation 1 to Section 271, then no penalty c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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