https://www.taxtmi.com/caselaws?id=259029 The Tribunal upheld the penalty under section 271(1)(c) of the Income Tax Act, 1961, against the assessee for claiming depreciation on leasehold rights as intangible assets under section 32(1)(ii). The Tribunal found the explanation provided to be not bonafide, leading to the conclusion that the income was concealed, warranting the penalty. The appeal was dismissed, emphasizing the ineligibility of the leasehold rights for depreciation and the lack of a genuine explanation. The decision was rendered on February 13, 2015. en-us Fri, 13 Feb 2015 00:00:00 +0530 Tue, 28 Apr 2015 07:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259029 The Tribunal upheld the penalty under section 271(1)(c) of the Income Tax Act, 1961, against the assessee for claiming depreciation on leasehold rights as intangible assets under section 32(1)(ii). The Tribunal found the explanation provided to be not bonafide, leading to the conclusion that the income was concealed, warranting the penalty. The appeal was dismissed, emphasizing the ineligibility of the leasehold rights for depreciation and the lack of a genuine explanation. The decision was rendered on February 13, 2015. Case-Laws Income Tax Fri, 13 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259029