https://www.taxtmi.com/caselaws?id=178547 The High Court upheld the Tribunal's decision to not impose a penalty under section 271(1)(c) of the Income-tax Act, based on the difference of opinion regarding the depreciation claim of a chemical manufacturing company. The Court found no substantial question of law, affirming that the assessee's argument regarding the intended resumption of manufacturing activities and lack of firm orders justified the claim for depreciation. The Tribunal's liberal interpretation of the term "used" in section 32(1) was considered valid, leading to the dismissal of the appeal and emphasizing the lack of grounds for penalty proceedings. en-us Wed, 23 Aug 2006 00:00:00 +0530 Mon, 08 Feb 2016 15:28:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178547 The High Court upheld the Tribunal's decision to not impose a penalty under section 271(1)(c) of the Income-tax Act, based on the difference of opinion regarding the depreciation claim of a chemical manufacturing company. The Court found no substantial question of law, affirming that the assessee's argument regarding the intended resumption of manufacturing activities and lack of firm orders justified the claim for depreciation. The Tribunal's liberal interpretation of the term "used" in section 32(1) was considered valid, leading to the dismissal of the appeal and emphasizing the lack of grounds for penalty proceedings. Case-Laws Income Tax Wed, 23 Aug 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178547