https://www.taxtmi.com/caselaws?id=202644 The Tribunal upheld the penalty under Section 271(1)(c) for the disallowance of depreciation, finding the lease transaction to be a sham and the assessee's explanation lacking credibility. The matter was remanded to the AO for recomputation of the penalty based on the surviving addition. The appeal was dismissed, subject to the limited purpose of fresh quantification of the penalty. en-us Tue, 20 Apr 2010 00:00:00 +0530 Mon, 13 Aug 2012 11:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202644 The Tribunal upheld the penalty under Section 271(1)(c) for the disallowance of depreciation, finding the lease transaction to be a sham and the assessee's explanation lacking credibility. The matter was remanded to the AO for recomputation of the penalty based on the surviving addition. The appeal was dismissed, subject to the limited purpose of fresh quantification of the penalty. Case-Laws Income Tax Tue, 20 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202644