https://www.taxtmi.com/caselaws?id=244796 The Tribunal held that penalty under section 271(1)(c) for disallowance of deduction claimed under section 36(1)(vii) was not applicable as the issue was debatable and rejection of a claim does not amount to concealment of income. The penalty on this count was deleted. Regarding the disallowance of depreciation on assets acquired under sale and lease back transaction, the Tribunal deleted the penalty and restored the matter to the AO for fresh assessment based on their decision. The appeals filed by the assessee were treated as allowed, and penalties were either deleted or restored for reassessment. en-us Fri, 31 Jan 2014 00:00:00 +0530 Sat, 08 Mar 2014 06:03:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244796 The Tribunal held that penalty under section 271(1)(c) for disallowance of deduction claimed under section 36(1)(vii) was not applicable as the issue was debatable and rejection of a claim does not amount to concealment of income. The penalty on this count was deleted. Regarding the disallowance of depreciation on assets acquired under sale and lease back transaction, the Tribunal deleted the penalty and restored the matter to the AO for fresh assessment based on their decision. The appeals filed by the assessee were treated as allowed, and penalties were either deleted or restored for reassessment. Case-Laws Income Tax Fri, 31 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244796