https://www.taxtmi.com/caselaws?id=335649 The Tribunal upheld the penalty under Section 271(1)(c) for furnishing inaccurate particulars of income, dismissing the appeal and confirming the Commissioner of Income Tax (Appeals) order. The validity of the penalty order and the claim for depreciation on leasehold rights in land were not accepted, with the Tribunal emphasizing lack of bona fide in the claim and citing precedents against the assessee's position. The decision aligned with the precedent set in the previous assessment year, where similar facts were adjudicated, and the penalty was upheld. en-us Fri, 04 Nov 2016 00:00:00 +0530 Tue, 06 Dec 2016 16:09:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335649 The Tribunal upheld the penalty under Section 271(1)(c) for furnishing inaccurate particulars of income, dismissing the appeal and confirming the Commissioner of Income Tax (Appeals) order. The validity of the penalty order and the claim for depreciation on leasehold rights in land were not accepted, with the Tribunal emphasizing lack of bona fide in the claim and citing precedents against the assessee's position. The decision aligned with the precedent set in the previous assessment year, where similar facts were adjudicated, and the penalty was upheld. Case-Laws Income Tax Fri, 04 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335649