https://www.taxtmi.com/caselaws?id=263983 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under section 271(1)(c) of the Income Tax Act on the assessee for disallowing depreciation claim on land. Emphasizing consistency with a previous favorable decision for the assessee, the Tribunal dismissed the Revenue's appeal and the assessee's Cross Objection as infructuous. The judgment underscored the significance of bona fide explanations and the absence of evidence supporting deliberate concealment or furnishing inaccurate particulars of income in penalty levies under the Income Tax Act. en-us Wed, 26 Aug 2015 00:00:00 +0530 Tue, 15 Sep 2015 07:14:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263983 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under section 271(1)(c) of the Income Tax Act on the assessee for disallowing depreciation claim on land. Emphasizing consistency with a previous favorable decision for the assessee, the Tribunal dismissed the Revenue's appeal and the assessee's Cross Objection as infructuous. The judgment underscored the significance of bona fide explanations and the absence of evidence supporting deliberate concealment or furnishing inaccurate particulars of income in penalty levies under the Income Tax Act. Case-Laws Income Tax Wed, 26 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263983