ITAT Quashes Section 271(1)(c) Penalty on Honest Depreciation Claim Errors

Sahajanand Medical Technologies Ltd. Vs DCIT (ITAT Surat) The Income Tax Appellate Tribunal (ITAT), Surat, has ruled in favor of Sahajanand Medical Technologies Ltd., quashing the penalty levied by the Assessing Officer under Section 271(1)(c) of the Income Tax Act, 1961. This penalty was initially imposed and subsequently upheld by the Commissioner of Income Tax (Appeals) concerning the assessment year 2006-07. The core issue revolved around two partial disallowances made by the Assessing Officer regarding depreciation claims. The first disallowance pertained to additional depreciation claime...