https://www.taxtmi.com/caselaws?id=241434 The ITAT Kolkata dismissed the revenue's appeal against the deletion of the penalty under section 271(1)(c) of the Income-tax Act. The disallowance of depreciation on the Portal & e-Commerce Site was not considered concealment or furnishing of inaccurate particulars of income, leading to the confirmation of the CIT(A)'s decision to delete the penalty. The ITAT upheld that the penalty deletion was appropriate as the disallowance was based on the classification of expenses rather than concealment, in line with legal principles. en-us Fri, 15 Feb 2013 00:00:00 +0530 Tue, 24 Dec 2013 06:18:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241434 The ITAT Kolkata dismissed the revenue's appeal against the deletion of the penalty under section 271(1)(c) of the Income-tax Act. The disallowance of depreciation on the Portal & e-Commerce Site was not considered concealment or furnishing of inaccurate particulars of income, leading to the confirmation of the CIT(A)'s decision to delete the penalty. The ITAT upheld that the penalty deletion was appropriate as the disallowance was based on the classification of expenses rather than concealment, in line with legal principles. Case-Laws Income Tax Fri, 15 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241434