https://www.taxtmi.com/caselaws?id=214032 The High Court upheld the Tribunal's decision to delete the penalty imposed on the assessee under section 271(1)(c) of the Income-tax Act, 1961. The Court found that the assessee was a victim of deception by third parties and had not acted fraudulently. Additionally, the Court agreed that the assessee was not entitled to claim depreciation on gas cylinders due to the lack of ownership and the non-existence of the assets in question. The judgment favored the respondent-assessee, emphasizing their innocence in the fraudulent transactions and the lack of grounds for penalty imposition. en-us Tue, 29 Nov 2011 00:00:00 +0530 Sat, 16 Jun 2012 14:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214032 The High Court upheld the Tribunal's decision to delete the penalty imposed on the assessee under section 271(1)(c) of the Income-tax Act, 1961. The Court found that the assessee was a victim of deception by third parties and had not acted fraudulently. Additionally, the Court agreed that the assessee was not entitled to claim depreciation on gas cylinders due to the lack of ownership and the non-existence of the assets in question. The judgment favored the respondent-assessee, emphasizing their innocence in the fraudulent transactions and the lack of grounds for penalty imposition. Case-Laws Income Tax Tue, 29 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214032