https://www.taxtmi.com/caselaws?id=219442 The High Court reinstated the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, finding the Tribunal's decision to delete the penalty unjustified. The Court emphasized the lack of evidence supporting the property's use for business purposes and the improper inclusion of land cost in the depreciation claim. The High Court ruled in favor of the revenue, upholding the penalty imposed by the assessing officer and confirmed by the CIT (Appeals), with the revenue's appeal allowed and no order as to costs. en-us Thu, 06 Dec 2012 00:00:00 +0530 Fri, 14 Dec 2012 08:59:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219442 The High Court reinstated the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, finding the Tribunal's decision to delete the penalty unjustified. The Court emphasized the lack of evidence supporting the property's use for business purposes and the improper inclusion of land cost in the depreciation claim. The High Court ruled in favor of the revenue, upholding the penalty imposed by the assessing officer and confirmed by the CIT (Appeals), with the revenue's appeal allowed and no order as to costs. Case-Laws Income Tax Thu, 06 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219442