No Penalty for Bona Fide & Debatable Claim of Depreciation & Interest on TDS

Jaipur Telecom Private Limited Vs DCIT (ITAT Jaipur)

Income Tax Appellate Tribunal (ITAT) Jaipur Bench has provided significant relief to Jaipur Telecom Private Limited by setting aside penalties levied under Section 270A of the Income Tax Act, 1961, for assessment years 2017-18 and 2018-19. The Tribunal ruled that the assessee’s claims for excess depreciation and interest on delayed TDS payments, though later disallowed, were based on a “bona fide belief” and did not constitute “misreporting” or “under-reporting” of income.

The appe

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