https://www.taxtmi.com/caselaws?id=234454 The High Court overturned the Income Tax Appellate Tribunal's decision to delete the penalty under Section 271(1)(c) of the Income-tax Act. The Court held that the Tribunal's decision was flawed as it did not consider the evidence properly, concluding that the assessee had colluded in a sham transaction and had mens rea. The Court found that the withdrawal of the depreciation claim was not voluntary but a preemptive measure. Ultimately, the High Court ruled in favor of the Revenue, upholding the penalty and finding the assessee complicit in the fraudulent transaction. en-us Fri, 21 Dec 2012 00:00:00 +0530 Sat, 29 Jun 2013 12:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234454 The High Court overturned the Income Tax Appellate Tribunal's decision to delete the penalty under Section 271(1)(c) of the Income-tax Act. The Court held that the Tribunal's decision was flawed as it did not consider the evidence properly, concluding that the assessee had colluded in a sham transaction and had mens rea. The Court found that the withdrawal of the depreciation claim was not voluntary but a preemptive measure. Ultimately, the High Court ruled in favor of the Revenue, upholding the penalty and finding the assessee complicit in the fraudulent transaction. Case-Laws Income Tax Fri, 21 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234454