https://www.taxtmi.com/caselaws?id=330138 Penalty for concealment or furnishing inaccurate particulars was held unsustainable where the depreciation claim on temporary wooden structures taken over on amalgamation had already been treated as debatable and the related rectification adjustment had been set aside. Once the underlying disallowance did not survive, the basis for penalty also disappeared. Penalty was likewise not leviable on the excess set-off of brought forward losses and unabsorbed depreciation, as the adjustment concerned amalgamated-entity losses and there was no material showing concealment or inaccurate particulars; the fact that the quantum issue was not pursued further did not establish penalty liability. en-us Fri, 10 Jun 2016 00:00:00 +0530 Tue, 19 Jul 2016 11:49:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330138 Penalty for concealment or furnishing inaccurate particulars was held unsustainable where the depreciation claim on temporary wooden structures taken over on amalgamation had already been treated as debatable and the related rectification adjustment had been set aside. Once the underlying disallowance did not survive, the basis for penalty also disappeared. Penalty was likewise not leviable on the excess set-off of brought forward losses and unabsorbed depreciation, as the adjustment concerned amalgamated-entity losses and there was no material showing concealment or inaccurate particulars; the fact that the quantum issue was not pursued further did not establish penalty liability. Case-Laws Income Tax Fri, 10 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330138