https://www.taxtmi.com/caselaws?id=368218 The Tribunal allowed the appeal filed by the Assessee, overturning the penalty of Rs. 2,41,56,197 imposed under section 271(1)(c) of the Income Tax Act. The Tribunal found that the additions made by the Assessing Officer did not justify a penalty as they were related to depreciation and other disallowances, which did not constitute concealment of income or furnishing inaccurate particulars. Citing legal precedent, the Tribunal concluded that the penalty was unwarranted and should be deleted, quashing the decisions of the lower authorities. en-us Thu, 27 Sep 2018 00:00:00 +0530 Thu, 04 Oct 2018 07:31:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368218 The Tribunal allowed the appeal filed by the Assessee, overturning the penalty of Rs. 2,41,56,197 imposed under section 271(1)(c) of the Income Tax Act. The Tribunal found that the additions made by the Assessing Officer did not justify a penalty as they were related to depreciation and other disallowances, which did not constitute concealment of income or furnishing inaccurate particulars. Citing legal precedent, the Tribunal concluded that the penalty was unwarranted and should be deleted, quashing the decisions of the lower authorities. Case-Laws Income Tax Thu, 27 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368218