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TMI Blog2005 (11) TMI 56X X X X Extracts X X X X X X X X Extracts X X X X ..... stake was pointed out, the assessee had withdrawn his claim for depreciation and investment allowance on the machinery and filed a revised return and this action of the assessee shows their bona fides.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.- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ery, which was received on April 4, 1990, i.e, after the previous year ended on March 31, 1990. When this was pointed out by the Assessing Officer, the assessee withdrew the claims. But the Assessing Officer by the assessment order dated February 18,1992, levied penalty under section 271(1)(c) for falsely claiming depreciation and allowances with an intention to evade taxes. Aggrieved by the impos ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the bona fide mistake? 2. Whether, on the facts and circumstances of the case, the Tribunal was right in quashing the penalty under section 271(1)(c) for the assessment year in question?" Though two questions have been framed, learned counsel appearing for the Revenue submits that both the questions go together. While considering a similar question, of course under the Wealth-tax Act, the G ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... property before the assessment proceedings had been completed, it could not be said that the assessee had furnished inaccurate particulars of the property." In the present case also the authorities below have concurrently held that when the mistake was pointed out, the assessee had withdrawn his claim for depreciation and investment allowance on the machinery and filed a revised return and this ..... X X X X Extracts X X X X X X X X Extracts X X X X
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