https://www.taxtmi.com/caselaws?id=233392 The Tribunal upheld the Ld. Commissioner of Income Tax's decision to delete the penalty imposed by the Assessing Officer under section 271(1)(c) of the Act. The Tribunal found that the assessee's claim for depreciation on technical know-how was made in good faith, supported by legal precedents. Emphasizing that penalties should not be imposed for technical breaches or bonafide beliefs, the Tribunal dismissed the Revenue's appeal. Consequently, the penalty was deleted, ruling in favor of the assessee. en-us Fri, 12 Apr 2013 00:00:00 +0530 Mon, 15 Jul 2013 14:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=233392 The Tribunal upheld the Ld. Commissioner of Income Tax's decision to delete the penalty imposed by the Assessing Officer under section 271(1)(c) of the Act. The Tribunal found that the assessee's claim for depreciation on technical know-how was made in good faith, supported by legal precedents. Emphasizing that penalties should not be imposed for technical breaches or bonafide beliefs, the Tribunal dismissed the Revenue's appeal. Consequently, the penalty was deleted, ruling in favor of the assessee. Case-Laws Income Tax Fri, 12 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=233392