https://www.taxtmi.com/caselaws?id=332985 The Tribunal allowed the assessee's appeal, directing the deletion of the penalty levied under Section 271(1)(c) of the Income Tax Act, 1961, for the disallowance of depreciation in finance lease transactions. This decision was based on the favorable rulings in the assessee's own case regarding similar issues, where the Tribunal had allowed the claim of depreciation on assets given under a 'sale and lease back' basis for various assessment years and deleted the penalties imposed for disallowance of depreciation. en-us Wed, 17 Aug 2016 00:00:00 +0530 Sat, 01 Oct 2016 12:52:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332985 The Tribunal allowed the assessee's appeal, directing the deletion of the penalty levied under Section 271(1)(c) of the Income Tax Act, 1961, for the disallowance of depreciation in finance lease transactions. This decision was based on the favorable rulings in the assessee's own case regarding similar issues, where the Tribunal had allowed the claim of depreciation on assets given under a 'sale and lease back' basis for various assessment years and deleted the penalties imposed for disallowance of depreciation. Case-Laws Income Tax Wed, 17 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332985