https://www.taxtmi.com/caselaws?id=236768 The tribunal quashed the reassessment for A.Y. 2004-05, citing no failure to disclose material facts. The disallowance of depreciation on plant and machinery for A.Y. 2008-09 and 2009-10 was remitted for fresh consideration. The issue of liquidated damages and ad-hoc disallowance towards unvouched expenditure were remitted for consideration. Penalties for disallowance were deleted, as the assessee had a bona fide belief. The deduction under section 80IA was upheld, confirming the assessee as a developer. Various appeals were allowed, partly allowed, or dismissed accordingly. en-us Fri, 30 Aug 2013 00:00:00 +0530 Sat, 07 Sep 2013 10:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236768 The tribunal quashed the reassessment for A.Y. 2004-05, citing no failure to disclose material facts. The disallowance of depreciation on plant and machinery for A.Y. 2008-09 and 2009-10 was remitted for fresh consideration. The issue of liquidated damages and ad-hoc disallowance towards unvouched expenditure were remitted for consideration. Penalties for disallowance were deleted, as the assessee had a bona fide belief. The deduction under section 80IA was upheld, confirming the assessee as a developer. Various appeals were allowed, partly allowed, or dismissed accordingly. Case-Laws Income Tax Fri, 30 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236768