https://www.taxtmi.com/caselaws?id=273561 The Court dismissed the revenue's appeal, upholding the Tribunal's decision that the disallowance of depreciation claim was not concealment of income. The Court found that the assessment order lacked explicit satisfaction for penalty proceedings under section 271(1)(c) of the Income-tax Act, 1961. Referring to previous decisions, the Court emphasized the necessity of recording satisfaction for initiating penalties. Despite a pending issue before a Larger Bench, the Court concluded that no substantial question of law arose, leading to the dismissal of the appeal. en-us Wed, 31 Oct 2007 00:00:00 +0530 Mon, 02 Jul 2018 16:08:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273561 The Court dismissed the revenue's appeal, upholding the Tribunal's decision that the disallowance of depreciation claim was not concealment of income. The Court found that the assessment order lacked explicit satisfaction for penalty proceedings under section 271(1)(c) of the Income-tax Act, 1961. Referring to previous decisions, the Court emphasized the necessity of recording satisfaction for initiating penalties. Despite a pending issue before a Larger Bench, the Court concluded that no substantial question of law arose, leading to the dismissal of the appeal. Case-Laws Income Tax Wed, 31 Oct 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273561