https://www.taxtmi.com/caselaws?id=775365 The ITAT Ahmedabad upheld the penalty under section 271(1)(c) for concealing or furnishing inaccurate particulars of income related to depreciation claims. The penalty was confirmed on depreciation disallowed due to inflated asset costs and bogus asset purchases. The assessee's reliance on a favorable ITAT decision in a separate case was rejected, as facts differed and the bogus nature of asset purchases was established through departmental findings and admissions. The assessee failed to contest the factual findings or demonstrate identity with the other case. Consequently, the tribunal found no merit in the assessee's arguments and upheld the CIT(A)'s order confirming the penalty on disallowed depreciation for both inflated and bogus assets. en-us Mon, 21 Jul 2025 00:00:00 +0530 Thu, 24 Jul 2025 08:40:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775365 The ITAT Ahmedabad upheld the penalty under section 271(1)(c) for concealing or furnishing inaccurate particulars of income related to depreciation claims. The penalty was confirmed on depreciation disallowed due to inflated asset costs and bogus asset purchases. The assessee's reliance on a favorable ITAT decision in a separate case was rejected, as facts differed and the bogus nature of asset purchases was established through departmental findings and admissions. The assessee failed to contest the factual findings or demonstrate identity with the other case. Consequently, the tribunal found no merit in the assessee's arguments and upheld the CIT(A)'s order confirming the penalty on disallowed depreciation for both inflated and bogus assets. Case-Laws Income Tax Mon, 21 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775365