No penalty on excess depreciation claim for bona fide reasons

DCIT Vs Federal Brands Ltd. (ITAT Mumbai) Our indulgence in the present appeal is sought for adjudicating as to whether the penalty of Rs. 11,09,932/- imposed by the Assessing Officer under section 271(1)(c) in respect of excess claim of depreciation by the assessee is sustainable in the eyes of law, or not. We have deliberated on the facts of the case and find substantial force in the contention of the ld. A.R that as the assessee envisaged the likelihood of reimbursement of the subsidy under the TUFS scheme for failure on its part in payment of instalment and interest, therefore, it was for ...