https://www.taxtmi.com/caselaws?id=374355 The assessee appealed against the penalty levied under section 271(1)(c) for assessment year 2005-06. The Tribunal allowed the appeal, deleting the penalty on disallowed depreciation on electric fittings and technical assistance/know-how expenses. For assessment year 2007-08, the Tribunal applied the decision from 2005-06, allowing the appeal on disallowed depreciation. The revenue's appeal against penalty deletion was dismissed, upholding the CIT(A)'s decision. Ultimately, the appeal by the revenue was dismissed, resulting in a favorable outcome for the assessee in both assessment years. en-us Mon, 21 Jan 2019 00:00:00 +0530 Thu, 31 Jan 2019 08:06:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374355 The assessee appealed against the penalty levied under section 271(1)(c) for assessment year 2005-06. The Tribunal allowed the appeal, deleting the penalty on disallowed depreciation on electric fittings and technical assistance/know-how expenses. For assessment year 2007-08, the Tribunal applied the decision from 2005-06, allowing the appeal on disallowed depreciation. The revenue's appeal against penalty deletion was dismissed, upholding the CIT(A)'s decision. Ultimately, the appeal by the revenue was dismissed, resulting in a favorable outcome for the assessee in both assessment years. Case-Laws Income Tax Mon, 21 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374355