https://www.taxtmi.com/caselaws?id=342796 The tribunal upheld the penalty imposed on the assessee for inaccurate particulars of income under section 271(1)(c), rejecting the appellant's legal grounds. However, the disallowance of depreciation under section 32 and interest expenses under section 43B was deemed unjustified due to temporary business conditions, leading to the deletion of the penalty and allowing the appeal on merits. The appellant's inability to carry forward business losses was considered in light of the circumstances, resulting in the partial allowance of the appeal and the deletion of the penalty. en-us Tue, 02 May 2017 00:00:00 +0530 Thu, 11 May 2017 19:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342796 The tribunal upheld the penalty imposed on the assessee for inaccurate particulars of income under section 271(1)(c), rejecting the appellant's legal grounds. However, the disallowance of depreciation under section 32 and interest expenses under section 43B was deemed unjustified due to temporary business conditions, leading to the deletion of the penalty and allowing the appeal on merits. The appellant's inability to carry forward business losses was considered in light of the circumstances, resulting in the partial allowance of the appeal and the deletion of the penalty. Case-Laws Income Tax Tue, 02 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342796