https://www.taxtmi.com/caselaws?id=119722 The Tribunal held that the penalty imposed under section 271(1)(c) of the Income-tax Act was not justified. It found that the disallowance of depreciation on the aircraft and deduction under section 35D were not sufficient grounds for penalizing the assessee. The Tribunal emphasized that the explanations provided were reasonable and that the Revenue failed to demonstrate willful misconduct. As both assessed and returned incomes were negative, the penalty was deemed unwarranted, leading to the deletion of the penalty. en-us Fri, 29 Dec 2006 00:00:00 +0530 Thu, 12 Jul 2012 17:15:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119722 The Tribunal held that the penalty imposed under section 271(1)(c) of the Income-tax Act was not justified. It found that the disallowance of depreciation on the aircraft and deduction under section 35D were not sufficient grounds for penalizing the assessee. The Tribunal emphasized that the explanations provided were reasonable and that the Revenue failed to demonstrate willful misconduct. As both assessed and returned incomes were negative, the penalty was deemed unwarranted, leading to the deletion of the penalty. Case-Laws Income Tax Fri, 29 Dec 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119722