https://www.taxtmi.com/caselaws?id=337545 The Tribunal upheld the CIT(A)'s decision to delete penalties under section 271(1)(c) for the assessment years 2005-06 and 2006-07. The disallowance of Advance Against Depreciation (AAD) and addition of Income Tax Recoverable and Transmission charges were not considered grounds for penalties as they did not involve furnishing inaccurate income particulars. The Tribunal emphasized that AAD is a timing difference, not subject to penalty, and recognized the uncertainty in recognizing certain income amounts. The Revenue's appeals were dismissed. en-us Mon, 09 Jan 2017 00:00:00 +0530 Wed, 11 Jan 2017 07:26:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337545 The Tribunal upheld the CIT(A)'s decision to delete penalties under section 271(1)(c) for the assessment years 2005-06 and 2006-07. The disallowance of Advance Against Depreciation (AAD) and addition of Income Tax Recoverable and Transmission charges were not considered grounds for penalties as they did not involve furnishing inaccurate income particulars. The Tribunal emphasized that AAD is a timing difference, not subject to penalty, and recognized the uncertainty in recognizing certain income amounts. The Revenue's appeals were dismissed. Case-Laws Income Tax Mon, 09 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337545