Penalty u/s 271(1)(c) not leviable for bona fide wrong claiming of depreciation

Headmaster Saloon Pvt. Ltd. Vs DCIT (ITAT Chandigarh) ITAT Chandigarh held that claiming of wrong depreciation on the advice of auditor is bona fide claim and hence penalty under section 271(1)(c) of the Income Tax Act not leviable. Facts- AO, by virtue of the assessment order, made addition of Rs. 15,31,989/- on account of wrong claim of depreciation and that of Rs. 2,09,559/-, on account of claim of depreciation on purchase of machinery of Rs. 27,94,120/-. The assessee did not prefer any appeal against the said order. In the penalty proceedings, the assessee was asked to show cause as to why...