https://www.taxtmi.com/caselaws?id=368279 The court upheld the disallowance of the appellant's claim for 100% depreciation on machinery leased to another company, deeming the transaction as not genuine and aimed at falsely claiming depreciation. The court also upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act for concealing income, citing a pattern of similar transactions in the past. The appellant's arguments asserting the genuineness of the transactions were rejected, and the court affirmed the lower authorities' decisions, dismissing the appeal and upholding the penalty without costs. en-us Thu, 20 Sep 2018 00:00:00 +0530 Wed, 28 Nov 2018 17:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368279 The court upheld the disallowance of the appellant's claim for 100% depreciation on machinery leased to another company, deeming the transaction as not genuine and aimed at falsely claiming depreciation. The court also upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act for concealing income, citing a pattern of similar transactions in the past. The appellant's arguments asserting the genuineness of the transactions were rejected, and the court affirmed the lower authorities' decisions, dismissing the appeal and upholding the penalty without costs. Case-Laws Income Tax Thu, 20 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368279