https://www.taxtmi.com/caselaws?id=268623 The Tribunal allowed the appeal, granting full depreciation on machinery purchased from Germany as it had been in operation for more than 180 days. The variation in turnover and closing stock issue was deemed moot. The Tribunal set aside the CIT's directive to initiate penalty proceedings under section 271(1)(c) of the Act, ruling that such proceedings could only be initiated by the Assessing Officer or CIT during proceedings. The Tribunal emphasized the Assessing Officer's independent decision-making authority and adherence to statutory provisions. en-us Fri, 28 Aug 2015 00:00:00 +0530 Mon, 30 Nov 2015 12:53:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268623 The Tribunal allowed the appeal, granting full depreciation on machinery purchased from Germany as it had been in operation for more than 180 days. The variation in turnover and closing stock issue was deemed moot. The Tribunal set aside the CIT's directive to initiate penalty proceedings under section 271(1)(c) of the Act, ruling that such proceedings could only be initiated by the Assessing Officer or CIT during proceedings. The Tribunal emphasized the Assessing Officer's independent decision-making authority and adherence to statutory provisions. Case-Laws Income Tax Fri, 28 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268623