https://www.taxtmi.com/caselaws?id=338703 The Appellate Tribunal upheld the Commissioner of Income Tax (Appeals)' decision to delete the penalty of Rs. 15,03,270 imposed under section 271(1)(c) of the Income Tax Act for Assessment Year 2008-09. The Tribunal found no grounds to overturn the CIT(A)'s ruling, dismissing the Revenue's appeal. The penalty on the disallowance of gratuity payment and depreciation on investment was deemed unjustified and deleted by the CIT(A) and Co-ordinate Bench, respectively, citing lack of evidence and debatable nature of the issues. The Revenue could potentially impose the penalty again if the disallowance is upheld after a fresh decision on investment depreciation. en-us Mon, 06 Feb 2017 00:00:00 +0530 Thu, 09 Feb 2017 13:05:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338703 The Appellate Tribunal upheld the Commissioner of Income Tax (Appeals)' decision to delete the penalty of Rs. 15,03,270 imposed under section 271(1)(c) of the Income Tax Act for Assessment Year 2008-09. The Tribunal found no grounds to overturn the CIT(A)'s ruling, dismissing the Revenue's appeal. The penalty on the disallowance of gratuity payment and depreciation on investment was deemed unjustified and deleted by the CIT(A) and Co-ordinate Bench, respectively, citing lack of evidence and debatable nature of the issues. The Revenue could potentially impose the penalty again if the disallowance is upheld after a fresh decision on investment depreciation. Case-Laws Income Tax Mon, 06 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338703