https://www.taxtmi.com/caselaws?id=268039 The Tribunal dismissed the Revenue's appeal for the assessment year 2003-04 and allowed the assessee's appeal for 2004-05 regarding penalty under section 271(1)(c) of the Income-tax Act. The Tribunal held that the assessee's conduct was bona fide, and the penalty was not justified due to the debatable nature of the issue concerning depreciation rates on a toll road. Emphasizing the importance of genuine disputes in tax matters, the Tribunal highlighted that penalties should not be imposed on debatable issues, leading to the decision in favor of the assessee for 2004-05. en-us Tue, 02 Jun 2015 00:00:00 +0530 Thu, 19 Nov 2015 06:38:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268039 The Tribunal dismissed the Revenue's appeal for the assessment year 2003-04 and allowed the assessee's appeal for 2004-05 regarding penalty under section 271(1)(c) of the Income-tax Act. The Tribunal held that the assessee's conduct was bona fide, and the penalty was not justified due to the debatable nature of the issue concerning depreciation rates on a toll road. Emphasizing the importance of genuine disputes in tax matters, the Tribunal highlighted that penalties should not be imposed on debatable issues, leading to the decision in favor of the assessee for 2004-05. Case-Laws Income Tax Tue, 02 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268039