https://www.taxtmi.com/caselaws?id=427038 The Court dismissed the Tax Case Appeals filed by the Revenue challenging the cancellation of penalties imposed under section 271(1)(c) of the Income Tax Act, 1961. The penalties were imposed for a false claim of depreciation on windmills, which reduced taxable income. The Tribunal's decision to delete the penalties was upheld, emphasizing that penalties cannot be imposed independently of valid assessment orders. The Court relied on legal precedents, including a decision of the Supreme Court, to support the cancellation of penalties by the Commissioner of Income Tax (Appeals) and the Tribunal. en-us Tue, 19 Jul 2022 00:00:00 +0530 Wed, 31 Aug 2022 06:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427038 The Court dismissed the Tax Case Appeals filed by the Revenue challenging the cancellation of penalties imposed under section 271(1)(c) of the Income Tax Act, 1961. The penalties were imposed for a false claim of depreciation on windmills, which reduced taxable income. The Tribunal's decision to delete the penalties was upheld, emphasizing that penalties cannot be imposed independently of valid assessment orders. The Court relied on legal precedents, including a decision of the Supreme Court, to support the cancellation of penalties by the Commissioner of Income Tax (Appeals) and the Tribunal. Case-Laws Income Tax Tue, 19 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427038