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of <h1>ITAT Chennai: Penalties deleted for certain years, remand in 1996-97, appeal allowed for stats</h1> <h3>The Assistant Commissioner of Income Tax, Company Circle I (2), Chennai - 34. Versus M/s. ICICI Bank Ltd., (Erstwhile Bank of Madura Ltd.)</h3> The ITAT Chennai upheld the deletion of penalties for assessment years 1998-99, 1999-00, and 2001-02 due to the deletion of underlying additions. For the ... - Issues involved: Appeals against deletion of penalties u/s 271(1)(c) for assessment years 1996-97, 98-99, 1999-2000, and 2001-02.Assessment Year 1996-97:- The Assessing Officer disallowed depreciation on certain transactions.- CIT(A) set aside the assessment order for re-examination.- Subsequent orders confirmed disallowance of depreciation.- Penalty u/s 271(1)(c) imposed.- ITAT's order set aside the matter for re-decision.- Tribunal directed the Assessing Officer to re-decide after quantum appeal decision.- Appeal allowed for statistical purpose.Assessment Year 1998-99:- Excess depreciation claims on transactions disallowed.- CIT(A) confirmed disallowance of depreciation.- Penalty u/s 271(1)(c) imposed.- ITAT set aside the excess claim of depreciation.- Depreciation on windmills allowed.- Counsel for assessee provided relevant details.- Appeal dismissed.Assessment Year 1999-00:- Excess depreciation claim on windmills disallowed.- CIT(A) confirmed disallowance of depreciation.- Penalty u/s 271(1)(c) imposed.- ITAT allowed the claim of depreciation on windmills.- Counsel for assessee presented facts and details.- Appeal dismissed.Assessment Year 2001-02:- Disallowance of depreciation on windmills.- CIT(A) confirmed the disallowance.- Penalty u/s 271(1)(c) imposed.- ITAT allowed the claim of depreciation on windmills.- Counsel for assessee provided necessary information.- Appeal dismissed.In summary, the ITAT Chennai upheld the deletion of penalties for assessment years 1998-99, 1999-00, and 2001-02 as the additions on which penalties were based had been deleted. For the assessment year 1996-97, the matter was remanded back to the Assessing Officer for re-decision following ITAT's direction after quantum appeal decision. The appeal for the assessment year 1996-97 was allowed for statistical purposes, while the other appeals were dismissed.
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