Section 271(1)(c), read with section 32, of the Income-tax Act, 1961 – Penalty for concealment of income

The High Court of Bombay held that where revenue authorities passed penalty order taking a
view that assessee had raised a false claim of depreciation, in view of fact that assessee brought
all relevant particulars on record in support of its claim, impugned penalty order deserved to be set
aside.