https://www.taxtmi.com/caselaws?id=11572 The Tribunal upheld the deletion of a penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, on a private limited company for claiming depreciation on acquired assets. Despite initial decisions by the Commissioner of Income-tax (Appeals) and the Tribunal, the penalty was ultimately deleted as the assessee provided necessary details and did not furnish inaccurate particulars for unfair gain. The Tribunal found no concealment of material particulars and supported the decision based on the breakdown of asset values provided. The Tribunal's decision was deemed correct and sustainable, ruling in favor of the assessee against the Revenue. en-us Wed, 16 Apr 2003 00:00:00 +0530 Sat, 30 Jan 2010 17:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11572 The Tribunal upheld the deletion of a penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, on a private limited company for claiming depreciation on acquired assets. Despite initial decisions by the Commissioner of Income-tax (Appeals) and the Tribunal, the penalty was ultimately deleted as the assessee provided necessary details and did not furnish inaccurate particulars for unfair gain. The Tribunal found no concealment of material particulars and supported the decision based on the breakdown of asset values provided. The Tribunal's decision was deemed correct and sustainable, ruling in favor of the assessee against the Revenue. Case-Laws Income Tax Wed, 16 Apr 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11572