https://www.taxtmi.com/caselaws?id=330102 The ITAT allowed the appeal of the assessee, reversing the orders of the CIT(A)-40 Mumbai and deleting the disallowance of depreciation on goodwill made by the AO for AY 2002-03. The ITAT's decision was influenced by the absence of incriminating material found during the search, aligning with the Hon'ble High Court of Bombay's decision. Consequently, the penalty order did not survive due to the deletion of the addition in the quantum appeal, resulting in a favorable outcome for the assessee in both penalty proceedings and assessment discrepancies. en-us Thu, 14 Jul 2016 00:00:00 +0530 Mon, 18 Jul 2016 11:49:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330102 The ITAT allowed the appeal of the assessee, reversing the orders of the CIT(A)-40 Mumbai and deleting the disallowance of depreciation on goodwill made by the AO for AY 2002-03. The ITAT's decision was influenced by the absence of incriminating material found during the search, aligning with the Hon'ble High Court of Bombay's decision. Consequently, the penalty order did not survive due to the deletion of the addition in the quantum appeal, resulting in a favorable outcome for the assessee in both penalty proceedings and assessment discrepancies. Case-Laws Income Tax Thu, 14 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330102