https://www.taxtmi.com/caselaws?id=174935 The Tribunal canceled the penalty imposed under section 271(1)(c) of the Income-tax Act for the assessment year 2005-06, ruling in favor of the assessee. The Tribunal found that the explanations provided regarding alleged concealment of income and wrong disclosure of particulars were bona fide, citing precedents to support its decision. Additionally, it determined that the disallowance of depreciation on a property purchased by the assessee did not warrant a penalty, as the explanation given by the assessee was deemed satisfactory and made in good faith. en-us Fri, 05 Feb 2010 00:00:00 +0530 Thu, 29 Oct 2015 11:56:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=174935 The Tribunal canceled the penalty imposed under section 271(1)(c) of the Income-tax Act for the assessment year 2005-06, ruling in favor of the assessee. The Tribunal found that the explanations provided regarding alleged concealment of income and wrong disclosure of particulars were bona fide, citing precedents to support its decision. Additionally, it determined that the disallowance of depreciation on a property purchased by the assessee did not warrant a penalty, as the explanation given by the assessee was deemed satisfactory and made in good faith. Case-Laws Income Tax Fri, 05 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=174935