https://www.taxtmi.com/caselaws?id=466233 Penalty under tax law was contested for disallowance of interest claimed as revenue and not capitalised as part of plant and machinery. The tribunal found the assessee raised a term loan to purchase machinery installed and used from 25.9.2006; the assessing officer disallowed the interest as revenue but thereafter capitalised the amount and allowed depreciation. The tribunal held the assessee had disclosed facts accurately and acted under a bona fide belief, so there was no concealment of income or furnishing of inaccurate particulars; consequently levy of penalty under the relevant tax provision was not sustained and the appeal was allowed. en-us Wed, 16 Mar 2016 00:00:00 +0530 Fri, 30 Jan 2026 19:20:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466233 Penalty under tax law was contested for disallowance of interest claimed as revenue and not capitalised as part of plant and machinery. The tribunal found the assessee raised a term loan to purchase machinery installed and used from 25.9.2006; the assessing officer disallowed the interest as revenue but thereafter capitalised the amount and allowed depreciation. The tribunal held the assessee had disclosed facts accurately and acted under a bona fide belief, so there was no concealment of income or furnishing of inaccurate particulars; consequently levy of penalty under the relevant tax provision was not sustained and the appeal was allowed. Case-Laws Income Tax Wed, 16 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466233