https://www.taxtmi.com/caselaws?id=325227 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to delete penalties imposed on the assessee. The penalties were deleted for the excess claim of depreciation under the TUF Scheme and the disallowance of capital subsidy. The Tribunal emphasized that both issues involved debatable interpretations of law, and the assessee had disclosed all relevant facts, concluding that penalties for concealment of income or furnishing inaccurate particulars were not warranted. The judgment reinforces that penalties under Section 271(1)(c) are not justified in cases involving bona fide claims based on debatable issues. en-us Mon, 01 Feb 2016 00:00:00 +0530 Sat, 30 Apr 2016 10:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325227 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to delete penalties imposed on the assessee. The penalties were deleted for the excess claim of depreciation under the TUF Scheme and the disallowance of capital subsidy. The Tribunal emphasized that both issues involved debatable interpretations of law, and the assessee had disclosed all relevant facts, concluding that penalties for concealment of income or furnishing inaccurate particulars were not warranted. The judgment reinforces that penalties under Section 271(1)(c) are not justified in cases involving bona fide claims based on debatable issues. Case-Laws Income Tax Mon, 01 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325227