https://www.taxtmi.com/caselaws?id=339036 The Tribunal dismissed the revenue's appeal on disallowance of depreciation on the building, upholding that the building was utilized for business purposes. The Tribunal also allowed the assessee's appeal against the penalty on repairs and maintenance expenses, determining that the expenses were capital in nature and not subject to penalty under section 271(1)(c) of the Act. Penalties imposed by the Assessing Officer were deleted in both instances, in line with the decisions of the CIT(A) and a coordinate bench. en-us Mon, 30 Jan 2017 00:00:00 +0530 Fri, 17 Feb 2017 08:43:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339036 The Tribunal dismissed the revenue's appeal on disallowance of depreciation on the building, upholding that the building was utilized for business purposes. The Tribunal also allowed the assessee's appeal against the penalty on repairs and maintenance expenses, determining that the expenses were capital in nature and not subject to penalty under section 271(1)(c) of the Act. Penalties imposed by the Assessing Officer were deleted in both instances, in line with the decisions of the CIT(A) and a coordinate bench. Case-Laws Income Tax Mon, 30 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339036