2019 (5) TMI 1005

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..... 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 assesse .....

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..... venue has come up with the above appeal under Section 260A of the Income Tax Act, 1961, challenging an order of the Income Tax Appellate Tribunal dismissing an appeal filed by the Revenue as against penalty. Heard Mr. K. Raji Reddy, learned Senior Standing Counsel for Revenue. As against the levy of penalty under Section 271 (1) (c) of the Income Tax Act, 1961, the .....

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..... culars 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. Therefore, I am of the view that the levy of impugned penalty is not justified. Accordingly the AO is directed to cancel the impugned penalty. As against the said order, the Revenue went on .....

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