No penalty for claim of depreciation at higher rate on UID Kit under bonafide belief

ITO Vs Vaidangi Techno Management Consultants P. Ltd. (ITAT Jaipur) There is no dispute with regard to the position, that the assessment proceedings and penalty proceedings are two different and distinct proceedings. If the assessee is having any plausible explanation with regard to the default and the Act of the assessee is bonafide. In that event the penalty cannot be levied. It is the contention of the assessee that in the present case the assessee under a bonafide belief that UID Kit being a part of computer, therefore, it claimed depreciation at 60%. Ld. CIT(A) deleted the penalty finding...