https://www.taxtmi.com/caselaws?id=358026 The appeal under Section 260A of the Income Tax Act against penalty deletion by ITAT was dismissed. The court found that the assessee's claims for interest and depreciation were bonafide, with no concealment of income. The penalties were canceled as the disallowances were due to differences of opinion, not deliberate concealment. The judgment underscored the importance of genuine claims, absence of income concealment, and the relevance of varied interpretations in tax assessments, leading to the rejection of the appeal due to the lack of substantial legal questions. en-us Wed, 23 Aug 2017 00:00:00 +0530 Wed, 04 Apr 2018 06:39:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358026 The appeal under Section 260A of the Income Tax Act against penalty deletion by ITAT was dismissed. The court found that the assessee's claims for interest and depreciation were bonafide, with no concealment of income. The penalties were canceled as the disallowances were due to differences of opinion, not deliberate concealment. The judgment underscored the importance of genuine claims, absence of income concealment, and the relevance of varied interpretations in tax assessments, leading to the rejection of the appeal due to the lack of substantial legal questions. Case-Laws Income Tax Wed, 23 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358026