https://www.taxtmi.com/caselaws?id=290289 The penalties imposed on disallowance of depreciation in various instances were deleted by the CIT(A) and upheld by the Tribunal. The penalties were found unjustified as the disallowances forming the basis for the penalties were either set aside, deleted, or found to be based on bona fide claims supported by legal precedents. The Tribunal emphasized the genuine nature of the claims and the correctness of the assessee's positions, leading to the dismissal of the Revenue's appeal. en-us Fri, 10 Aug 2018 00:00:00 +0530 Fri, 18 Sep 2020 10:54:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290289 The penalties imposed on disallowance of depreciation in various instances were deleted by the CIT(A) and upheld by the Tribunal. The penalties were found unjustified as the disallowances forming the basis for the penalties were either set aside, deleted, or found to be based on bona fide claims supported by legal precedents. The Tribunal emphasized the genuine nature of the claims and the correctness of the assessee's positions, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Fri, 10 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290289