In the result, all the above appeals of the assessee are allowed
Bench: SHRI. LALIET KUMAR (Judicial Member), DR. MITHA LAL MEENA (Accountant Member)
depreciation claimed. 2.2 Despite the fact that the income offered by the assessee was accepted and assessments were completed without significant variation, the AO proceeded to initiate and levy penalty under section 271(1)(c) of the Act on the ground of furnishing inaccurate particulars of income. 3. The Ld. AR for the assessee submitted that the penalty so levied