https://www.taxtmi.com/caselaws?id=344850 The Tribunal upheld the penalty under Section 271(1)(c) for the disallowed depreciation claim on the hardening and tempering furnace due to lack of factual basis and false nature of the claim. However, the penalty for the disallowed deduction under Section 80-IB was deleted as the claim was based on a plausible interpretation of the law with full disclosure by the assessee. The assessee's appeal was dismissed, and the Revenue's appeal was partly allowed. en-us Wed, 26 Apr 2017 00:00:00 +0530 Thu, 29 Jun 2017 12:53:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344850 The Tribunal upheld the penalty under Section 271(1)(c) for the disallowed depreciation claim on the hardening and tempering furnace due to lack of factual basis and false nature of the claim. However, the penalty for the disallowed deduction under Section 80-IB was deleted as the claim was based on a plausible interpretation of the law with full disclosure by the assessee. The assessee's appeal was dismissed, and the Revenue's appeal was partly allowed. Case-Laws Income Tax Wed, 26 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344850