Appellate Tribunal held that when assessee voluntarily agreed to surrender the tax on value of depreciation wrongly taken on land and such mistake was never intentional, and also, assessee had furnished all the particulars in return filed and never concealed the particulars of income nor submitted false information, penalty imposed u/s 271(1)(c) is not tenable. (AY.2010-11)
Geeta Shroff (Dr.) v. Dy. CIT (2018) 67 ITR 711 (Delhi)(Trib.)
S. 271(1)(c) : Penalty–Concealment–Depreciation on land-Bona fide mistake -Voluntarily agreed to surrender tax on value of depreciation wrongly taken on land–Levy of penalty is not justified. [S. 32]