https://www.taxtmi.com/caselaws?id=180986 The ITAT upheld the deletion of the penalty under sec. 271(1)(c) by the Learned CIT(Appeals) for the assessment year 2004-05. The appeal by the revenue was dismissed as no representation was made on behalf of the assessee. The ITAT focused on the disallowed depreciation on goodwill, concluding that the penalty imposition was unwarranted due to the debatable nature of the admissibility of depreciation on goodwill. The interpretation of law regarding depreciation on goodwill was supported by referencing relevant case law, leading to the dismissal of the revenue's appeal on 27.09.2011. en-us Tue, 27 Sep 2011 00:00:00 +0530 Tue, 05 Apr 2016 15:49:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180986 The ITAT upheld the deletion of the penalty under sec. 271(1)(c) by the Learned CIT(Appeals) for the assessment year 2004-05. The appeal by the revenue was dismissed as no representation was made on behalf of the assessee. The ITAT focused on the disallowed depreciation on goodwill, concluding that the penalty imposition was unwarranted due to the debatable nature of the admissibility of depreciation on goodwill. The interpretation of law regarding depreciation on goodwill was supported by referencing relevant case law, leading to the dismissal of the revenue's appeal on 27.09.2011. Case-Laws Income Tax Tue, 27 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180986