https://www.taxtmi.com/caselaws?id=192982 The Tribunal dismissed the Revenue's appeals in both Assessment Years 2008-09 and 2009-10, ruling in favor of the assessee. The Tribunal held that the claim for additional depreciation was legitimate under section 32(1)(iia) of the Income Tax Act, and the assessee's actions were bonafide. Consequently, the penalties under section 271(1)(c) were deleted by the CIT(A) and upheld by the Tribunal, emphasizing compliance with legal provisions and the absence of deliberate inaccuracies in the assessee's disclosures. en-us Thu, 05 Mar 2015 00:00:00 +0530 Fri, 07 Jul 2017 14:23:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192982 The Tribunal dismissed the Revenue's appeals in both Assessment Years 2008-09 and 2009-10, ruling in favor of the assessee. The Tribunal held that the claim for additional depreciation was legitimate under section 32(1)(iia) of the Income Tax Act, and the assessee's actions were bonafide. Consequently, the penalties under section 271(1)(c) were deleted by the CIT(A) and upheld by the Tribunal, emphasizing compliance with legal provisions and the absence of deliberate inaccuracies in the assessee's disclosures. Case-Laws Income Tax Thu, 05 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192982