https://www.taxtmi.com/caselaws?id=254296 The High Court upheld the ITAT's decision to delete the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2005-06. The Court emphasized that possession and usage by the assessee were sufficient to support the depreciation claim, even though the title deed was not transferred. Previous judgments supported allowing depreciation based on possession and usage rather than just title ownership. The Court found no grounds for interference, affirming the deletion of the penalty by the ITAT. en-us Thu, 18 Sep 2014 00:00:00 +0530 Thu, 19 Feb 2015 10:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254296 The High Court upheld the ITAT's decision to delete the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2005-06. The Court emphasized that possession and usage by the assessee were sufficient to support the depreciation claim, even though the title deed was not transferred. Previous judgments supported allowing depreciation based on possession and usage rather than just title ownership. The Court found no grounds for interference, affirming the deletion of the penalty by the ITAT. Case-Laws Income Tax Thu, 18 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254296