Mere wrong claim of depreciation would not invite penalty U/s. 271(1)(c)

Chambal Fertilizers & Chemicals Ltd. Vs. ACIT (Rajasthan High Court) A mere making of a wrong, though bona fide claim of depreciation, which is not sustainable in law, by itself will not amount to furnishing inaccurate particulars of income and therefore, such wrong claim will not automatically invite penalty under section 271(1)(c).  FULL TEXT OF THE HIGH COURT JUDGMENT / ORDER IS AS FOLLOWS: By way of this appeal, the appellant has challenged the judgment and order of the Tribunal, whereby the Tribunal has dismissed the appeal filed by the assessee. 2. While admitting the appeal, t...