https://www.taxtmi.com/caselaws?id=372953 The High Court ruled in favor of the assessee, allowing the appeal and deleting the penalty imposed under Section 271(1)(c) of the Income Tax Act. The Tribunal found that the withdrawal of depreciation claim on intellectual property rights during a search operation did not warrant a penalty as no incriminating material was discovered. The court emphasized that the claim was part of the original return and the issue of IPR depreciation was debatable under Section 32 of the Act, leading to the dismissal of the Income Tax Appeals. en-us Mon, 10 Dec 2018 00:00:00 +0530 Thu, 03 Jan 2019 08:12:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372953 The High Court ruled in favor of the assessee, allowing the appeal and deleting the penalty imposed under Section 271(1)(c) of the Income Tax Act. The Tribunal found that the withdrawal of depreciation claim on intellectual property rights during a search operation did not warrant a penalty as no incriminating material was discovered. The court emphasized that the claim was part of the original return and the issue of IPR depreciation was debatable under Section 32 of the Act, leading to the dismissal of the Income Tax Appeals. Case-Laws Income Tax Mon, 10 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372953