https://www.taxtmi.com/caselaws?id=339537 The appeal challenging the Income Tax Appellate Tribunal's order for Assessment Years 1997-98 and 1998-99 was dismissed. The Tribunal justified deleting penalties under Section 271(1)(c) related to deductions on dividend and interest income, and set aside penalty issues on assets leased to specific entities. The penalty levied under Section 271(1)(c) concerning depreciation claim of sale and lease back transactions was also deleted. The Tribunal's decisions were upheld due to the debatable nature of the issues and the outcomes of the quantum proceedings, with no costs awarded. en-us Fri, 17 Feb 2017 00:00:00 +0530 Wed, 01 Mar 2017 09:06:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339537 The appeal challenging the Income Tax Appellate Tribunal's order for Assessment Years 1997-98 and 1998-99 was dismissed. The Tribunal justified deleting penalties under Section 271(1)(c) related to deductions on dividend and interest income, and set aside penalty issues on assets leased to specific entities. The penalty levied under Section 271(1)(c) concerning depreciation claim of sale and lease back transactions was also deleted. The Tribunal's decisions were upheld due to the debatable nature of the issues and the outcomes of the quantum proceedings, with no costs awarded. Case-Laws Income Tax Fri, 17 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339537