Excess Depreciation Claim Voluntarily Submitted and not by Prior Detection of Revenue: Gujarat HC deletes Penalty levied on Axis Bank [Read Order]

Excess - Depreciation - Voluntarily - Prior - Detection - Revenue - Gujarat - Penalty - levied - Axis - Bank - TAXSCAN

While dismissing the appeal filed by the Revenue, the Gujarat High Court observed that the claim of excess depreciation was not detected by the department but the assessee voluntarily submitted the same. Thus, the bench deleted the penalty levied under the Section 271 of the Income Tax Act, 1961. The appellant, the Principal of Income…

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