https://www.taxtmi.com/caselaws?id=375647 The High Court upheld the Tribunal's decision regarding the reopening of assessment, disallowance of depreciation on SGCI Rolls, and imposition of penalty under Section 271(1)(c) of the Income Tax Act, 1961. The Court found the appellant's transactions to be sham, with evidence pointing to fraudulent activities and attempts to fabricate evidence. Emphasizing the malafide intentions of the assessee, the Court dismissed the appeals, denying any relief and upholding the penalties imposed. en-us Mon, 21 Jan 2019 00:00:00 +0530 Fri, 22 Feb 2019 06:13:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375647 The High Court upheld the Tribunal's decision regarding the reopening of assessment, disallowance of depreciation on SGCI Rolls, and imposition of penalty under Section 271(1)(c) of the Income Tax Act, 1961. The Court found the appellant's transactions to be sham, with evidence pointing to fraudulent activities and attempts to fabricate evidence. Emphasizing the malafide intentions of the assessee, the Court dismissed the appeals, denying any relief and upholding the penalties imposed. Case-Laws Income Tax Mon, 21 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375647