https://www.taxtmi.com/caselaws?id=239185 The tribunal upheld the penalty on disallowance of excess depreciation claimed on trucks, ruling that the claim was not due to inadvertent mistake but lack of bonafide intention. The penalty on disallowance of depreciation on purchase was sent back to the AO for reconsideration in alignment with the final decision on the addition. Discrepancies in disallowance amount under section 14A of the Act led to a direction for a revised penalty determination post quantum issue resolution. The penalty on disallowance of compensation for an exclusive utilization agreement was deleted, emphasizing penalties cannot be imposed on debatable issues. en-us Wed, 28 Aug 2013 00:00:00 +0530 Fri, 08 Nov 2013 06:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239185 The tribunal upheld the penalty on disallowance of excess depreciation claimed on trucks, ruling that the claim was not due to inadvertent mistake but lack of bonafide intention. The penalty on disallowance of depreciation on purchase was sent back to the AO for reconsideration in alignment with the final decision on the addition. Discrepancies in disallowance amount under section 14A of the Act led to a direction for a revised penalty determination post quantum issue resolution. The penalty on disallowance of compensation for an exclusive utilization agreement was deleted, emphasizing penalties cannot be imposed on debatable issues. Case-Laws Income Tax Wed, 28 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239185