No Penalty for withdrawal of higher depreciation claim during assessment

Waman Hari Pethe Sons (P) Ltd. Vs DCIT (ITAT Mumbai) Assessee had, infact, furnished true and complete particulars of its income before the AO and it was another matter that the claim filed by the assessee towards excess depreciation being based on the opinion of his advocate was later withdrawn during the course of assessment proceedings taking conservative view to avoid litigation and buy peace. It is well established law that mere making of a claim which did not find favour with the revenue will not automatically lead to imposition of penalty under section 271(1)(c) for furnishing of inaccu...