https://www.taxtmi.com/caselaws?id=756085 The penalty imposed under Section 271(1)(c) of the Income Tax Act for disallowance of depreciation on non-compete fees was quashed. The appeal successfully argued that the penalty order lacked specific charges, was not in compliance with mandatory legal requirements, and was unjustified due to conflicting High Court views and pending Supreme Court adjudication. en-us Wed, 24 Jul 2024 00:00:00 +0530 Fri, 26 Jul 2024 08:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756085 The penalty imposed under Section 271(1)(c) of the Income Tax Act for disallowance of depreciation on non-compete fees was quashed. The appeal successfully argued that the penalty order lacked specific charges, was not in compliance with mandatory legal requirements, and was unjustified due to conflicting High Court views and pending Supreme Court adjudication. Case-Laws Income Tax Wed, 24 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756085