https://www.taxtmi.com/caselaws?id=759705 The Appellate Tribunal allowed the assessee's appeal, deleting the penalty of Rs. 8,24,413 levied under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal concluded that the penalty was unsustainable as the disallowance of depreciation was based on estimation, not on furnishing inaccurate particulars of income. The decision relied on precedents distinguishing similar cases. en-us Wed, 11 Sep 2024 00:00:00 +0530 Sat, 05 Oct 2024 09:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759705 The Appellate Tribunal allowed the assessee's appeal, deleting the penalty of Rs. 8,24,413 levied under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal concluded that the penalty was unsustainable as the disallowance of depreciation was based on estimation, not on furnishing inaccurate particulars of income. The decision relied on precedents distinguishing similar cases. Case-Laws Income Tax Wed, 11 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759705