https://www.taxtmi.com/caselaws?id=187868 The Appellate Tribunal upheld the cancellation of penalties under section 271(1)(c) of the Income Tax Act for excess depreciation claimed on leased motor cars and reversal of provisions for non-performing assets. The Tribunal found the assessee's actions were based on legal interpretations and made in good faith with full disclosure, leading to the penalty cancellation. Citing relevant case law, including Electrical Agencies Corporation vs CIT and New India Industries Ltd vs ACIT, the Tribunal dismissed the revenue's appeal, affirming the first appellate authority's decision. en-us Thu, 04 Dec 2008 00:00:00 +0530 Thu, 10 Nov 2016 11:16:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187868 The Appellate Tribunal upheld the cancellation of penalties under section 271(1)(c) of the Income Tax Act for excess depreciation claimed on leased motor cars and reversal of provisions for non-performing assets. The Tribunal found the assessee's actions were based on legal interpretations and made in good faith with full disclosure, leading to the penalty cancellation. Citing relevant case law, including Electrical Agencies Corporation vs CIT and New India Industries Ltd vs ACIT, the Tribunal dismissed the revenue's appeal, affirming the first appellate authority's decision. Case-Laws Income Tax Thu, 04 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187868