https://www.taxtmi.com/caselaws?id=332693 The Tribunal dismissed the revenue's appeal, ruling that the penalty under Section 271(1)(c) was not justified in a case involving the disallowance of depreciation on financed leased assets. The Tribunal emphasized the importance of disclosed accounting policies and tax treatments, noting that the issue of depreciation on leased assets was debatable and did not automatically imply concealment of income. The decision highlighted the Assessing Officer's failure to exclude the principal component in lease rentals while disallowing depreciation, impacting the total income calculation. en-us Thu, 11 Aug 2016 00:00:00 +0530 Fri, 23 Sep 2016 12:22:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332693 The Tribunal dismissed the revenue's appeal, ruling that the penalty under Section 271(1)(c) was not justified in a case involving the disallowance of depreciation on financed leased assets. The Tribunal emphasized the importance of disclosed accounting policies and tax treatments, noting that the issue of depreciation on leased assets was debatable and did not automatically imply concealment of income. The decision highlighted the Assessing Officer's failure to exclude the principal component in lease rentals while disallowing depreciation, impacting the total income calculation. Case-Laws Income Tax Thu, 11 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332693