https://www.taxtmi.com/caselaws?id=65532 The Tribunal allowed the assessee's appeal, canceling the penalty for the depreciation claim due to lack of bona fide belief and unsupported by judicial precedents. The Department's appeal against the cancellation of penalty for the Section 80M claim was dismissed, acknowledging the debatable nature of the claim supported by judicial precedents. The Tribunal emphasized the importance of recording satisfaction for penalty proceedings, ultimately ruling in favor of the assessee on both issues. en-us Sun, 18 Feb 2007 00:00:00 +0530 Wed, 16 Feb 2011 14:05:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65532 The Tribunal allowed the assessee's appeal, canceling the penalty for the depreciation claim due to lack of bona fide belief and unsupported by judicial precedents. The Department's appeal against the cancellation of penalty for the Section 80M claim was dismissed, acknowledging the debatable nature of the claim supported by judicial precedents. The Tribunal emphasized the importance of recording satisfaction for penalty proceedings, ultimately ruling in favor of the assessee on both issues. Case-Laws Income Tax Sun, 18 Feb 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65532