https://www.taxtmi.com/caselaws?id=194319 The Tribunal upheld the CIT(A)'s decision to cancel the penalty under section 271(1)(c) imposed on the assessee for alleged concealment of income or furnishing inaccurate particulars. The Tribunal found the assessee's claim for higher depreciation on windmill assets to be bona fide, supported by substantial evidence, and debatable. It emphasized that penalty proceedings require separate consideration from quantum assessment findings and concluded that the penalty was unwarranted as there was no intent to conceal income. The Revenue's appeal was dismissed, affirming the cancellation of the penalty. en-us Thu, 23 Feb 2017 00:00:00 +0530 Mon, 04 Sep 2017 22:07:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194319 The Tribunal upheld the CIT(A)'s decision to cancel the penalty under section 271(1)(c) imposed on the assessee for alleged concealment of income or furnishing inaccurate particulars. The Tribunal found the assessee's claim for higher depreciation on windmill assets to be bona fide, supported by substantial evidence, and debatable. It emphasized that penalty proceedings require separate consideration from quantum assessment findings and concluded that the penalty was unwarranted as there was no intent to conceal income. The Revenue's appeal was dismissed, affirming the cancellation of the penalty. Case-Laws Income Tax Thu, 23 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194319