https://www.taxtmi.com/caselaws?id=214522 The Tribunal concluded that the levy of penalty under Section 271(1)(c) of the Income-tax Act was not justified as the assessee's explanation for the depreciation claims was found to be bona fide. The Tribunal noted that the transactions were conducted in the normal course of business, and the assessee had provided detailed documentation to support the genuineness of the transactions. Therefore, the penalty was deleted, and the appeal filed by the assessee was allowed. en-us Thu, 31 May 2012 00:00:00 +0530 Thu, 05 Jul 2012 08:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214522 The Tribunal concluded that the levy of penalty under Section 271(1)(c) of the Income-tax Act was not justified as the assessee's explanation for the depreciation claims was found to be bona fide. The Tribunal noted that the transactions were conducted in the normal course of business, and the assessee had provided detailed documentation to support the genuineness of the transactions. Therefore, the penalty was deleted, and the appeal filed by the assessee was allowed. Case-Laws Income Tax Thu, 31 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214522