https://www.taxtmi.com/caselaws?id=399005 The Tribunal allowed the appeal of the assessee, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The decision was based on the inconsistency between the ground on which the penalty was initiated and the ground on which it was levied, leading to the penalty being deemed unsustainable. Additionally, the Tribunal upheld the Commissioner's decision to disallow depreciation on let-out properties, emphasizing the specific circumstances of the case. The judgment focused on the importance of consistency in penalty imposition grounds and the necessity of voluntary disclosure of information to avoid allegations of concealment of income. en-us Fri, 28 Aug 2020 00:00:00 +0530 Wed, 30 Sep 2020 12:53:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399005 The Tribunal allowed the appeal of the assessee, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The decision was based on the inconsistency between the ground on which the penalty was initiated and the ground on which it was levied, leading to the penalty being deemed unsustainable. Additionally, the Tribunal upheld the Commissioner's decision to disallow depreciation on let-out properties, emphasizing the specific circumstances of the case. The judgment focused on the importance of consistency in penalty imposition grounds and the necessity of voluntary disclosure of information to avoid allegations of concealment of income. Case-Laws Income Tax Fri, 28 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399005