https://www.taxtmi.com/caselaws?id=244943 The High Court reversed the order of the Income Tax Appellate Tribunal cancelling a penalty under Section 271(1)(c) of the Income Tax Act. The Court found the issue of abandonment of business and the claim for depreciation to be debatable, emphasizing settled legal positions and previous judgments. It held in favor of the assessee, setting aside the Tribunal's decision and allowing the appeal based on the debatable nature of the issues involved. The Court emphasized that even if the claim was unsustainable in law, it did not warrant a penalty if the explanation was bonafide and all material facts were disclosed. en-us Mon, 10 Mar 2014 00:00:00 +0530 Thu, 13 Mar 2014 06:04:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244943 The High Court reversed the order of the Income Tax Appellate Tribunal cancelling a penalty under Section 271(1)(c) of the Income Tax Act. The Court found the issue of abandonment of business and the claim for depreciation to be debatable, emphasizing settled legal positions and previous judgments. It held in favor of the assessee, setting aside the Tribunal's decision and allowing the appeal based on the debatable nature of the issues involved. The Court emphasized that even if the claim was unsustainable in law, it did not warrant a penalty if the explanation was bonafide and all material facts were disclosed. Case-Laws Income Tax Mon, 10 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244943