https://www.taxtmi.com/caselaws?id=239760 The Tribunal partly allowed the appeal, upholding the penalty for the disallowance of additional depreciation claimed under section 32(1)(iia) for not meeting the conditions of new machinery. However, penalties for other disallowances, including capitalization of travelling expenses and depreciation on machinery, were deleted as the Tribunal found the assessee's explanations reasonable. The decision emphasizes the significance of precise disclosure and the circumstances under which penalties for incorrect claims can be imposed. en-us Fri, 15 Mar 2013 00:00:00 +0530 Mon, 18 Nov 2013 18:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239760 The Tribunal partly allowed the appeal, upholding the penalty for the disallowance of additional depreciation claimed under section 32(1)(iia) for not meeting the conditions of new machinery. However, penalties for other disallowances, including capitalization of travelling expenses and depreciation on machinery, were deleted as the Tribunal found the assessee's explanations reasonable. The decision emphasizes the significance of precise disclosure and the circumstances under which penalties for incorrect claims can be imposed. Case-Laws Income Tax Fri, 15 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239760