No penalty for wrong claim of depreciation , if claim was bona fide

ITAT AMRITSAR BENCH Kamal Sood Versus Deputy Commissioner of Income-tax IT APPEAL NO. 92 (ASR.) OF 2012 [Assessment Year 2006-07] Date of Pronouncement -28.08.2012 ORDER 1. This appeal of the assessee arises from the order of the CIT(A)-II, Ludhiana, dt. 3rd Jan., 2012 for the asst. yr. 2006-07. 2. The assessee has raised following grounds of appeal : “1.          That learned CIT(A) was not justified by holding that assessee had revalued the assets with the aim to increase their value in balance sheet for furnishing to the bank. 2.            That lea...