https://www.taxtmi.com/caselaws?id=2099 The High Court upheld the Tribunal's decision in favor of the assessee, dismissing the Revenue's appeal challenging the disallowance of depreciation claimed for a bio gas plant in the assessment year 1993-94. The Court found no evidence presented by the Revenue to prove the transaction's lack of genuineness, especially considering the Managing Director's unavailability after a significant time lapse. As a result, the appeal against the penalty imposed under Section 271(1)(c) was set aside, ruling in favor of the assessee. en-us Wed, 19 Jul 2006 00:00:00 +0530 Fri, 01 Aug 2008 14:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=2099 The High Court upheld the Tribunal's decision in favor of the assessee, dismissing the Revenue's appeal challenging the disallowance of depreciation claimed for a bio gas plant in the assessment year 1993-94. The Court found no evidence presented by the Revenue to prove the transaction's lack of genuineness, especially considering the Managing Director's unavailability after a significant time lapse. As a result, the appeal against the penalty imposed under Section 271(1)(c) was set aside, ruling in favor of the assessee. Case-Laws Income Tax Wed, 19 Jul 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=2099