Penalty not imposable as excess depreciation surrendered without prior detection of Revenue

PCIT Vs Axis Bank Ltd (Gujarat High Court) Gujarat High Court held that penalty not imposable as excess depreciation claimed was surrendered by the assessee without prior detection of the Revenue and such excess claim was made due to bonafide reasons. Facts- The respondent assessee filed its return of income. Thereafter, the respondent filed revised return of income. The return was processed u/s. 143(A) and the case of the respondent assessee was selected for scrutiny. Pursuant to the scrutiny, notice u/s. 142(2) was issued to the respondent assessee. The assessment order was passed by AO. Bei...