Penalty u/s 271(1)(c) unsustainable on suo moto reversal of excess depreciation

Axis Bank Ltd. Vs CIT (ITAT Ahmedabad) Held that the addition made on account of excess depreciation claimed, having been surrendered by the assessee itself without any prior detection by the Revenue, the excess claim having been demonstrated to have been made for bonafide reasons, it is surely not a case for levy of penalty at all. Facts- The assessee contended that as they have suo moto reversed excess depreciation claim on land and hence penalty should not be levied under section 271(1)(c) of the Act. Conclusion- Held that the addition made in the impugned case on account of excess deprecia...