https://www.taxtmi.com/caselaws?id=61834 The Tribunal ruled in favor of the assessee, allowing depreciation and investment allowance for both the generator set and the LR High Speed Comber. The penalties imposed under section 271(1)(c) of the Income-tax Act, 1961 were canceled as the deductions were found to be valid, supported by evidence, and without any intention of concealment of income. en-us Wed, 12 Aug 1992 00:00:00 +0530 Sat, 15 Jan 2011 15:32:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61834 The Tribunal ruled in favor of the assessee, allowing depreciation and investment allowance for both the generator set and the LR High Speed Comber. The penalties imposed under section 271(1)(c) of the Income-tax Act, 1961 were canceled as the deductions were found to be valid, supported by evidence, and without any intention of concealment of income. Case-Laws Income Tax Wed, 12 Aug 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61834