https://www.taxtmi.com/caselaws?id=330992 The ITAT upheld the FAA's decision to delete the penalty for disallowed additional depreciation, finding it was an inadvertent mistake, not intentional concealment. However, the ITAT confirmed the penalty for the disallowed expenditure on increasing the share capital, ruling it was capital expenditure, not a revenue expense. Both the AO's appeal and the assessee's cross-objection were dismissed, maintaining the penalties imposed by the AO. The order was pronounced on 5th August 2016. en-us Fri, 05 Aug 2016 00:00:00 +0530 Wed, 10 Aug 2016 11:24:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330992 The ITAT upheld the FAA's decision to delete the penalty for disallowed additional depreciation, finding it was an inadvertent mistake, not intentional concealment. However, the ITAT confirmed the penalty for the disallowed expenditure on increasing the share capital, ruling it was capital expenditure, not a revenue expense. Both the AO's appeal and the assessee's cross-objection were dismissed, maintaining the penalties imposed by the AO. The order was pronounced on 5th August 2016. Case-Laws Income Tax Fri, 05 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330992