Penalty cannot be imposed for mere disallowance of Additional Depreciation

Bhavani Gems Vs. ACIT (ITAT Mumbai) We have heard the rival contentions and perused relevant material on record including cited orders of Tribunal in assessee’s case for different years. Upon perusal of the same, we find strength in the argument of Ld. AR since the assessee’s claim for additional depreciation has been allowed in subsequent orders of the Tribunal for preceding as well as succeeding years. Even otherwise, we find that the provisions of Section 271(1)(c) are not attracted since there was no furnishing of inaccurate particulars of income or concealment of income by the assesse...